UPS 3rd quarter earnings
UPS today reported a 9.4 pct increase in adjusted diluted earnings per share for its third quarter on a 4.7 pct gain in revenue. The company saw significant improvement in the supply chain and freight segment and good gains in its international business. Its U.S. small package operation posted modest improvement in spite of a sluggish economy.
For the three months ended Sept. 30, 2007, adjusted diluted earnings per share climbed to USD 1.05 as consolidated package volume rose to an average daily total of 15.25 million.
The adjusted financial results exclude a USD 46 million restructuring charge and related expenses for a supply chain business in France. Including the impact of this charge, diluted earnings per share increased 6.3 pct to USD 1.02 compared to USD 0.96 per diluted share in the same period in 2006.
“This was a very good quarter for the company from many perspectives,” said Mike Eskew, UPS’s chairman and CEO. “First, UPS turned in a solid performance in the face of a slower U.S. economy. We reached tentative agreement with the Teamsters on a new contract almost a year early. And we unveiled industry-leading service and technology innovations.”
Adjusted operating profit improved 11.3 pct with gains in all three business segments. Consolidated revenue per piece increased 3.1 pct.
