UPS' revenues and profits rise as vaccine operations get underway
GLOBAL package delivery and supply chain management provider UPS has posted increased revenues and operating profits in the fourth quarter of 2020, as it started to transport coronavirus vaccines around the globe in the same period
04 February 2021 - 19:00
The company said that during the last three months of 2020 consolidated revenue increased to US$24.9 billion, a 21 per cent increase from the same period 2019.
Adjusted net income was $2.3 billion, 26.4 per cent above the same period in 2019, while the adjusted operating profit was $2.3 billion, up 7.4 per cent on a year earlier.
The company's best-performing sector was the US Domestic Segment, which posted a 17.4 per cent year-on-year revenue increase to $15.8 billion. Adjusted operating profit increased 16.1 per cent to $1.2 billion.
This outcome was 'led by growth from small- and medium-sized businesses', the company said.
UPS' International Segment achieved a 26.8 per cent year-on-year increase in revenues, 'led by Asia and Europe', to $4.8 billion. It also achieved a 43.6 per cent year-on-year increase in adjusted operating profit to $1.1 billion.
The company's Supply Chain and Freight Segment posted a 29 per cent year-on-year revenue increase to $4.4 billion. It also posted a 26.3 per cent year-on-year increase in adjusted operating profit, to $331 million.
For the full year of 2020, UPS achieved a 14.2 per cent year-on-year increase in revenue to $84.6 billion and a 7 per cent increase in adjusted operating profit to $8.7 billion, reports London's Air Cargo News.
Carol Tome, chief executive of UPS, commented: 'Our financial performance in the fourth quarter exceeded our expectations. During the fourth quarter, we began transporting Covid-19 vaccines and we stand ready to deliver hope and health to people around the world.'
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