A big increase in non-package revenue helped push United Parcel Service fourth-quarter financials into record territory.
For the three months ended Dec. 31, 1999, revenues totaled $7.45 billion, up 11.7 percent from $6.6 billion for the same period in 1998.
Revenue gains for the quarter were driven by a 10 percent increase in domestic package, a 15 percent increase in international export and a substantial increase in the non-package segment.
Non-package revenue rose from $201 million for the same period in 1998 to $344 million in 1999, due to the addition of the new excess value package insurance business and growth in the UPS Logistics Group, which includes the newly formed UPS Capital Group. Net income for the quarter rose 37.1 percent to $661 million. Gains were said to include a 20.5 percent increase in domestic profitability and a 121.6 percent jump in international operating income.
For 1999, revenues totaled $27.05 billion, up 9.1 percent from $24.8 billion in 1998. Net income for 1999 totaled $883 million, compared with $1.74 billion in 1998.