UPS (NYSE: UPS) reported second quarter 2020 financial results. The company announced consolidated revenue of USD 20.5 Billion, a 13.4% increase compared to the same period last year. Net income amounted to USD 1.8 Billion for the quarter as adjusted net income reached USD 1.9 Billion. Operating profit summed up to USD 2.2 Billion. “Our results were better than we expected, driven in part by the changes in demand that emerged from the pandemic, including a surge in residential volume, COVID-19 related healthcare shipments and strong outbound demand from Asia,” said Carol Tomé, UPS chief executive officer. “UPSers are keeping the world moving during this time of need and I want to thank our team for their hard work and outstanding efforts to serve our customers, our communities and each other.”
UPS has not provided guidance for revenue and diluted earnings per share due to the uncertainty revolving around how long it will take for the economy to recover. Predictions cannot be made as the business impact or duration of the COVID-19 pandemic can be estimated.
“Using the scale and flexibility of our global integrated network, we successfully managed operational challenges throughout the quarter. Moving forward we are focusing on efficiency and revenue quality to improve U.S. operating margins longer term,” said Brian Newman, UPS chief financial officer. “Our liquidity and cash position remain strong, allowing us to invest in enabling capabilities through this time of unprecedented business disruption.”