UPS Posts Best Quarter Ever
April 20, 2000
UPS reported record results for the first quarter, with a 63% jump in net income for the quarter ending March 31.
Revenues for the quarter climbed 14% to $7.2 billion. Net income rose to $813 million, compared to $499 million during the same quarter last year.
The net income included $139 million in "non-recurring items," including gains from venture fund investments and the sale of its truck leasing unit to Rollins, along with a charge for retroactively creating full-time hourly jobs demanded by the Teamsters union. However, even excluding these items, net income rose 35.1%, making it the best quarter in UPS' history.
Average daily package volume around the world rose nearly 6%.