UPS, with headquarters in Atlanta, Ga., has reported a 28% jump in net income for the third quarter, thanks in part to a strengthening U.S. package business and record performances by both the international and non-package segments.

"While there were many highlights in the quarter, the accelerated growth in U.S. package deliveries, increasing signs of U.S. economic growth and the strong international performance really stand out," said Scott Davis, UPS' chief financial officer. "We also were pleased with the continuing improvement on the non-package side, because we know the strategy of expanding our distribution and supply chain capabilities will feed the success of all parts of our business going forward."
For the quarter ended Sept. 30, 2003, consolidated revenue totaled $8.31 billion, up 7.2% from the $7.75 billion reported during the same period in 2002. Consolidated operating profit increased 21% to $1.15 billion. Net income totaled $739 million, an increase of 28% over the prior year's $578 million. Excluding the gains due to the sale of the business unit and a favorable tax ruling, net income totaled $702 million, an increase of 21%.
Davis said the company is encouraged by the momentum in its U.S. business. This is being driven by signs of economic recovery, expanded customer relationships, the deployment of new technology and improved customer access through The UPS Store network.
"In light of our momentum and the firming U.S. economy, we believe UPS is going to have a strong fourth quarter," Davis predicted. "We expect to see additional improvement in our U.S. domestic segment with volume growth of 3% to 4%. We anticipate the international and non-package segments will continue the solid growth trends we saw in the third quarter."