UPS has reported an 18.2% gain in net income for the second quarter on a 7.8% increase in revenue with strong growth in its global small package business.
In addition, the company raised its future guidance and expects full year 2004 earnings growth to approach 20%. Previously, the company's guidance called for 2004 earnings at the upper end of a 12-to-18% range.
In the second quarter, total average daily package volume worldwide rose to 13.6 million, a net gain of 550,000 packages per day compared to the prior-year period. Average daily ground volume within the United States climbed almost 5%. International export volume increased 13% with double-digit growth in all regions of the world, led by China with a gain of almost 70%.
"Our global small package business is vibrant and growing," said Scott Davis, UPS' chief financial officer. "This strong growth is being fueled by our integrated customer technologies, expanded supply chain capabilities and superior service and reliability."
For the three months ended June 30, consolidated revenue totaled $8.87 billion, up 7.8% from the $8.23 billion reported during the prior-year period. Consolidated operating profit jumped 21.3% to $1.31 billion. Net income totaled $818 million.
For the six months ended June 30, consolidated revenues totaled $17.79 billion, an increase of 9.5% compared to the prior-year period. Operating profit totaled $2.53 billion, a gain of 24.8% compared to the period in 2003. Net income increased 21% to $1.58 billion over the earlier period.
In addition, the company raised its future guidance and expects full year 2004 earnings growth to approach 20%. Previously, the company's guidance called for 2004 earnings at the upper end of a 12-to-18% range.
In the second quarter, total average daily package volume worldwide rose to 13.6 million, a net gain of 550,000 packages per day compared to the prior-year period. Average daily ground volume within the United States climbed almost 5%. International export volume increased 13% with double-digit growth in all regions of the world, led by China with a gain of almost 70%.
"Our global small package business is vibrant and growing," said Scott Davis, UPS' chief financial officer. "This strong growth is being fueled by our integrated customer technologies, expanded supply chain capabilities and superior service and reliability."
For the three months ended June 30, consolidated revenue totaled $8.87 billion, up 7.8% from the $8.23 billion reported during the prior-year period. Consolidated operating profit jumped 21.3% to $1.31 billion. Net income totaled $818 million.
For the six months ended June 30, consolidated revenues totaled $17.79 billion, an increase of 9.5% compared to the prior-year period. Operating profit totaled $2.53 billion, a gain of 24.8% compared to the period in 2003. Net income increased 21% to $1.58 billion over the earlier period.
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