UPS Profit Soars in Q2

United Parcel Service Inc. reported 71 percent higher profits during the second quarter and raised its full-year forecast.
UPS Profit Soars in Q2
7/22/2010
Updated:
7/22/2010

United Parcel Service Inc. reported 71 percent higher profits during the second quarter and raised its full-year forecast, sending its shares soaring on Thursday. The Atlanta-based world’s biggest package delivery company reported $845 million in quarterly net income, or 84 cents a share, exceeding analyst expectations.

“Substantial growth in our international segment continues to outpace the market. It’s clear the strategic direction we’ve set for the company is proving successful,” CEO Scott Davis said in a statement. UPS said that international deliveries surged 30 20 percent, led by growth in Asia. The company is seen as a bellwether of economic activity as volume of deliveries depends on business activity.