UPS Q1 revenues increase 27pc to US$23b as pandemic drives demand
US multinational package delivery and supply chain management company UPS achieved increased revenues across all of its divisions, the company reported its first quarter 2021 results - and it attributed this to demand driven by the pandemic, reports London's Air Cargo News
02 May 2021 - 19:00
The company's consolidated revenue increased by 27 per cent year on year to US$22.9 billion, while consolidated operating profit climbed 158 per cent to $2.8 billion.
UPS chief executive Carol Tome commented: ''During the quarter, we continued to execute our strategy under the better not bigger framework, which enabled us to win the best opportunities in the market and drove record financial results.'
Driven by 'strong demand in nearly all businesses', UPS' supply chain and freight segment achieved a 34 per cent year-on-year increase in revenues to $4.3 billion. Operating profits climbed 104 per cent to $321 million
Driven by 'growth from small and medium-sized businesses', revenues for UPS' domestic US segment increased by 22 per cent year on year to $14.01 billion. Operating profit for the sector increased 273 per cent to $1.4 billion.
The company's international revenues rose 36 per cent year on year to $4.6 billion, 'led by Asia and Europe', while the sector's operating profit increased 97 per cent to $1.1 billion.
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