Investing.com - Global shipping giant UPS reported fourth quarter earnings that were mostly in line with market expectations ahead of Thursday’s opening bell.
UPS said adjusted earnings per share came in at USD1.25 in the fourth, meeting expectations. The company’s fourth quarter revenue totaled USD15.0 billion, slightly missing expectations for revenue of USD15.18 billion.
Significantly higher than predicted volume and inclement weather contributed to excess operating costs in the U.S., negatively affecting results.
UPS delivered 20 million packages per day during the fourth quarter. Total shipments in 2013 increased to 4.3 billion, a 3.9% improvement over 2012.
During the holiday period, global daily deliveries exceeded expectations by surpassing 29 million packages on five days, with peak volume exceeding 31 million on December 23.
As the retail market shifts to a direct-to-consumer model, more and more companies are leveraging UPS solutions, said Scott Davis, UPS chairman and CEO. As a result, we experienced an unprecedented increase in volume, exceeding even our most optimistic plans.
The company announced plans to repurchase USD2.7 billion of UPS shares during 2014.
UPS reaffirmed its full-year earnings outlook, expecting 2014 earnings in the range of USD5.05 to USD5.30 a share, an increase of 11%-to-16% over 2013 adjusted results.
Following the release of the report, UPS shares inched up 0.2% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets remained higher. The Dow Jones Industrial Average futures indicated a gain of 0.45% at the open, S&P 500 futures pointed to an increase of 0.5%, while the Nasdaq 100 futures indicated a rise of 0.85%.
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UPS Q4 EPS USD1.25, in line with expectations, misses on revenue
Published 01/30/2014, 07:57 AM
UPS Q4 EPS USD1.25, in line with expectations, misses on revenue
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