UPS performs as expected
For Q3/2020, Atlanta (GA)-based UPS reported revenues of USD 21.2 billion, a 15.9% increase compared to Q3/2019. For the first nine months of 2020, consolidated average daily volume increased by 13.5% in comparison to the same period in 2019.
Net income amounted to USD 2.0 billion for the quarter, 11.8% above the same period in 2019. Operating profit was USD 2.4 billion, up 11% compared to last year’s third quarter, or 9.9% on an adjusted basis.
In the international (non-US) segment, UPS generated revenues of USD 4.1 billion, a rise of 14.5% compared to Q3/2019 (USD 3.5 billion). Operating margin was at 23.6%. In this field, the average daily volume grew by 12.1%, with double-digit export volume growth and continuing strong outbound demand from Asia.
"Our better, not bigger approach had a positive impact on our performance in the quarter. Additionally, we recently launched new initiatives to further reduce our costs,” said Brian Newman, UPS CFO. (sh)