UPS Ups Earnings

UPS reported a 1Q 24% gain in net income over the 1Q 2003 to $759 million. Total revenues totaled $8.92 billion— an 11.3% increase over the year-earlier period. The package delivery service cited strong results in all three of its business segments.

Revenue for its U.S. package segment rose 8.6% to $6.54 billion, while profits rose 18% to $831 million. Average U.S. ground and air sectors increased by 600,000 (5%) packages per day. Next Day Air and deferred air volume rose 3.1% and 5.8%, respectively.

Profit from its international arm doubled to $269 million, in addition to a 24.3% increase in revenue to $1.62 billion. U.S. exports were up 13%, while in China, export volume surged 60%.

Profit for its non-package segment rose 9.3% to $117 million, while revenue increased 9.7% to $760 million.