UPS has solid quarter

UPS today reported solid first quarter results driven by its international and non-package businesses, with both segments generating strong revenue growth and record-setting profits. The U.S. package segment experienced volume declines during the first two months of the quarter, exacerbated by severe winter weather and a difficult economy. But in March and April, volume trends improved and the company

April 22, 2003

UPS today reported solid first quarter results driven by its international and non-package businesses, with both segments generating strong revenue growth and record-setting profits.

The U.S. package segment experienced volume declines during the first two months of the quarter, exacerbated by severe winter weather and a difficult economy. But in March and April, volume trends improved and the company now is experiencing growth in its U.S. package business.

For the quarter, UPS's revenue totaled $8.02 billion, up 5.8% from the $7.58 billion reported during the prior-year period.

"We are pleased with the quarter on many fronts," said CFO Scott Davis. "We generated good results despite a very challenging domestic environment and were gratified to see our strategy really taking hold in the international and supply chain segments."