Investing.com -- United Parcel Service Inc (NYSE:UPS) saw its shares jump more than 5% in premarket trading Thursday after the company reported third-quarter earnings and revenue that exceeded analyst expectations.
The shipping company posted Q3 earnings per share (EPS) of $1.76, topping the consensus estimate of $1.63. Revenue for the quarter reached $22.2 billion, also slightly ahead of the $22.08 billion expected by analysts.
US package revenue totaled $14.45 billion, marking a 5.8% year-over-year increase and exceeding the $14.34 billion estimate.
International package revenue came in at $4.41 billion, up 3.4% from the prior year, though slightly below the expected $4.43 billion.
Supply Chain Solutions generated $3.38 billion, reflecting 8% year-over-year growth but falling short of the $3.45 billion estimate.
“I want to thank all UPSers for their hard work and efforts. After a challenging 18-month period, our company returned to revenue and profit growth,” said Carol Tomé, CEO of UPS.
“Peak season is nearly upon us, and we are ready to deliver another successful holiday season and continue the progress we demonstrated in the third quarter.”
For full-year 2024, UPS now forecasts revenue of $91.1 billion, lower than the consensus estimate of $91.85 billion.
Moreover, it raised its consolidated non-GAAP adjusted operating margin outlook to approximately 9.6%.