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UPS rises 1.5% after Q1 earnings beat

Published 04/28/2015, 07:45 AM
© Reuters. UPS gains in pre-market trade after Q1 earnings beat
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Investing.com - Global shipping giant United Parcel Service (NYSE:UPS) reported better than expected first quarter earnings ahead of Tuesday’s opening bell, sending its shares higher in pre-market trade.

UPS said that first quarter earnings per share came in at $1.12, a 14% increase over the prior year period and above expectations for earnings of $1.09 per share.

The company’s first quarter revenue totaled $13.98 billion, up 1.4% over the same quarter last year but missing forecasts for revenue of $14.27 billion. Revenue growth was 3.6% after adjusting for foreign currency changes.

U.S. domestic first quarter revenue increased 3.8% to $8.8 billion, while total company shipments increased 2.8% to 1.1 billion packages, led by European export growth of 9.4%.

"The first quarter results were favorably impacted by our continued investments and revenue management initiatives," said David Abney, UPS chief executive officer.

Kurt Kuehn, UPS chief financial officer, said, "We remain on plan to meet our guidance for full-year 2015 diluted earnings per share of $5.05 to $5.30, a 6%-to-12% increase over our 2014 adjusted results."

Following the release of the report, shares in UPS rose 1.56% in pre-market trade to $98.95 from a closing price of $97.43 on Tuesday.

Meanwhile, U.S. stock futures pointed to a mildly lower open. The Dow futures indicated a loss of 0.4% at the open, the S&P 500 futures pointed to a drop of 0.35%, while Nasdaq 100 futures declined 0.15%.

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