UPS Surpasses Expectations, Stock Soars on Strong Q3 Results
UPS has posted impressive results, surpassing analysts' expectations with revenue of $21.4 billion and adjusted earnings per share of $1.74. The company's stock soared following the news.
CEO Carol Tomé credited the positive results to strategic transformations within the company. Revenue per package in the U.S. climbed 10% year-over-year, driven by a shift towards higher-margin shipments. UPS is optimistic about its peak season performance, expecting the most efficient election results 2024 holiday season in its history.
Analysts at IT Boltwise, in their October 29 report, praised UPS's strong quarterly results and optimistic outlook. The company forecasts revenue of approximately $24.0 billion for the fourth quarter, outpacing consensus estimates.
UPS's stock jumped to $96.36 on heavy volume, with over 30 million shares traded, following an 8% surge after the strong third-quarter earnings report.
