UPS Reports Third Quarter Financial Results | Financial Buzz

UPS Reports Third Quarter Financial Results

UPS (NYSE: UPS) reported third quarter 2020 financial results.  The company reported revenue of USD 21.2 Billion, a 15.9% increase over the third quarter of 2019.  Consolidated average daily volume increased 13.5% year over year.  Net income amounted to USD 2 Billion for the quarter, an 11.8% rise year over year.  Diluted earnings per share was USD 2.24 as adjusted diluted earnings per share was USD 2.28, up 10.1% from the same period last year. 

 “Our performance highlights the agility of our global integrated network amid the ongoing challenges of the pandemic.  Our results were fueled by continued strong outbound demand from Asia and growth from small and medium-sized businesses,” said Carol Tomé, UPS chief executive officer.  “UPSers are everyday heroes who are keeping the world’s supply chains moving.  I want to thank our team for their ongoing commitment to our customers and the communities we serve.”

UPS has decided not to provide consolidated revenue and diluted earnings per share guidance due to uncertainty around the recovery of the impact of COVID-19.

UPS is one of the world’s largest package delivery companies with 2019 revenue of $74 billion, and provides a broad range of integrated logistics solutions for customers in more than 220 countries and territories. The company’s more than 500,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world.