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UPS keeps on trucking

ATLANTA: UPS has reported net income of US1.2 billion on revenue of US$14.3 billion for the third quarter of 2014 ending September 30. The results were a 5.7 percent and a 10.7 percent rise respectively compared to the same period last year.

U.S. domestic package freight rose 5.3 percent to US$8.7 billion; the international package segment increased 5.5 percent to US$3.2 billion; and the supply chain and freight business gained 7.4 percent to over US$2.4 billion.

Total operating profit rose 8.3 percent year-on-year to US$1.95 billion with the international package business showing the largest gain of 10.3 percent or US$460 million as the company delivered 1.1 billion packages worldwide, up 6.9 percent over the third quarter 2013. Some of them were delivered by Ginny Odom (below) who has become the first UPS driver in the company's history to drive 40 years and over four million miles without an accident.

Ginny Odom 6Apparently not a company to take advantage of inversion, UPS paid US$655 million in corporation tax for the quarter – a rise of 6.2 percent over the same period last year – as it generated US$2.8 billion in free cash flow.

The third quarter results follow a decision by the company to increase 2015 rates by an average of 4.9 percent from the end of December for its Ground, Air, International, UPS Freight, and UPS air freight services within and between the U.S., Canada, and Puerto Rico.

"The solid performance we delivered this quarter establishes our ability to stay ahead of market growth and generate positive operating leverage," said David Abney, UPS chief executive officer. "We continue making investments in technology and expanding our capabilities around the world to ensure we provide the long-term solutions customers demand."

UPS said demand for its export products increased 9.4 percent overall with shipments out of Asia rising 16 percent and Europe 14 percent. Forwarding revenue was higher primarily due to increased International Air Freight (IAF) tonnage that was aided by high-tech product launches and government sector gains. The company noted that operating profit improvements in North American airfreight and ocean forwarding were more than offset by continued pricing pressure in IAF.

"It's encouraging to see all three segments show positive momentum, as we head into our busiest time of year," added Kurt Kuehn, UPS chief financial officer.

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