Profits up strongly at UPS

Q1 revenues for 2018 at UPS hit $17.1bn, a 10% jump on the same period in 2017.

On this, net income was up 15% at $1.345bn. Earnings per share were up too by 17% to $1.55.

“Top-line growth in our business was strong across all business segments, reflecting the power of UPS’s global solutions and continued favorable economic conditions,” said UPS Chairman and CEO David Abney. “When combined with our transformation initiatives, these favorable trends position UPS for strong returns going forward.”

The US Domestic Segment saw revenues increase by 7.2% to $10.2bn. This segment saw profit fall from $950 million to $756 million, that UPS attributed to “headwinds from severe winter weather of $85m, Saturday deployment, network projects and higher pension expenses”.

Revenue in the International segment was up 15% at $3.533bn, and profit was up from $518m to $594m.

In the Supply Chain and Freight segment, revenue was up 16% to $3.4bn and operating profit was up 14% at $170m.