ATLANTA _ UPS (NYSE: UPS, Stock Forum) says its first-quarter earnings rose 14 per cent to $1.03 billion, as price increases helped offset the effect of the strong U.S. dollar on overseas revenue.
The earnings beat Wall Street expectations, but revenue was less than expected.
The company stood by its forecast for full-year earnings between $5.05 and $5.30 per share.
United Parcel Service Inc. said Tuesday that its net income equaled $1.12 per share and compared with profit of $911 million, or 98 cents per share, a year earlier. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.
Overall, revenue rose 1 per cent to $13.98 billion, which was below the $14.32 billion forecast of nine analysts surveyed by Zacks. U.S. revenue increased 4 per cent, but international revenue slid 5 per cent, which the company blamed on the strong dollar hurting the value of sales made in foreign currencies.
Shipping volumes rose across the board. The company said it raised base rates, but fuel surcharges fell.
Shares of Atlanta-based UPS were up 63 cents to$98.06 in premarket trading about an hour before Tuesday's opening bell. They ended Monday down 12 per cent since the start of the year, compared with the 2 per cent increase in the Standard & Poor's 500 index.
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This story includes material generated by Automated Insights
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Research. Access a Zacks stock report on UPS at
https://www.zacks.com/ap/UPS