Why Shares of UPS Are Soaring Today
Shares of United Parcel Service (NYSE: UPS) were up 13% on Thursday afternoon after the transportation giant reported better-than-expected second-quarter results. The company is seeing strong volumes due to the pandemic, and profitability held up better than Wall Street had feared.
Before markets opened, UPS reported adjusted second-quarter earnings of $2.13 per share on revenue of $20.5 billion, significantly above Wall Street consensus estimates for $1.07 per share in earnings on $17.5 billion in sales. As expected, an increase in online shopping due to the pandemic caused volumes to spike higher. UPS said overall volumes were up 20.9%, with domestic up 22.8% and business-to-consumer deliveries up 65% in the U.S.
Image source: United Parcel Service.
Source Fool.com
