UPS profit rises 23% on e-commerce demand

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 26, 2021

SHARE:

Scoop.market.us is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more.
close
Advertiser Disclosure

At Market.us Scoop, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Our data is available to the public free of charge, and we encourage you to use it to inform your personal or business decisions. If you choose to republish our data on your own website, we simply ask that you provide a proper citation or link back to the respective page on Market.us Scoop. We appreciate your support and look forward to continuing to provide valuable insights for our audience.

October 26, 2021

(Reuters) – United Parcel Service Inc reported a 23% rise in quarterly profit on Tuesday, bolstered by high e-commerce demand that has allowed the delivery firm to raise shipping prices and cherry-pick more profitable customers.

UPS and rival FedEx Corp are delivering record number of e-commerce packages since COVID-19 shifted shopping online.

Both have added profit-sheltering surcharges to offset the higher cost associated with home deliveries, and now are grappling with the sharply higher cost to hire and retain dependable drivers.

UPS’ third-quarter operating profit rose to about $2.9 billion, or $2.65 per share, from $2.36 billion, or $2.24 per share, it had reported a year earlier.

The company also raised its full-year adjusted operating margin target to about 13% from about 12.7%.

(Reporting by Lisa Baertlein in Los Angeles and Abhijith Ganapavaram in Bengaluru; Editing by Maju Samuel)

Source Link UPS profit rises 23% on e-commerce demand

SHARE:
Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

Latest from Author