Led by strong volume gains both in the United States and overseas and significant margin improvement within its international operation, UPS has reported a 19% jump in adjusted net income for the fourth quarter.

The quarter's performance capped a record year for volume. UPS delivered 3.44 billion packages in 2003, or an average 13.64 million per day.
For the quarter ended Dec. 31, consolidated revenue totaled $8.93 billion, up 8.2% from the $8.26 billion reported during the prior-year period as both the international and U.S. package businesses enjoyed strong volume gains.
Export volume out of the U.S. increased more than 10%, the largest such increase since 2000. Within the United States, average daily package volume jumped 4.9% to a record 13.8 million. U.S. ground volume surged 5.2%, while Next Day Air volume climbed 3.5% and deferred air volume rose a solid 4%.
For the three months ended Dec. 31, net income totaled $856 million, compared to $1.5 billion in the fourth quarter of 2002.
"Our fourth quarter performance underscores how effectively our strategies are working," said Scott Davis, UPS' chief financial officer. "All three of our business segments are showing expanded margins, led by international."
For the full year ended Dec. 31, 2003, consolidated revenue increased 7.1% to a record $33.5 billion, while operating profit rose 8.5% to $4.45 billion compared to $4.1 billion in 2002. Net income for the year totaled $2.9 billion compared to $3.2 billion in 2002.