Shares of UPS climbed 4.7% into a record area in trading on Tuesday, after the delivery giant announced Q1 profit and revenue that were way over expected numbers.
Net income for the company was at $4.79 billion, as earnings per share (EPS) went up by 393%. While adjusted EPS came to $2.77, defeating the expected $1.72.
Total revenue increased by 27% to $22.91 billion. And domestic revenue boosted by 22% to $14.01 billion. Globally, the company had a revenue growth of 23% to $4.61 billion, beating the expected $4.13 billion.
The company’s freight and supply chain revenue went up by 34% to $4.29 billion, destroying expectations of $3.90 billion.
“During the quarter, we kept executing our better not bigger strategy rule, which allowed us to get the top opportunities which drove our incredible financial results., said CEO Carol Tomé.
UPS said it was not giving EPS or revenue guidance considering the continuing economic uncertainty.