UPS’s net income figures came in at $2.2 billion or $2.24 a share. Both numbers topped the $1.75 billion, or $2.01 per share consensus. From last year’s $18.32 billion revenue, the current one was $21.24 billion, increased by a spur of home deliveries during the pandemic.
To prepare for the upcoming winter season, UPS announced that it is looking to hire over 100,000 people to avoid an upcoming exhaustive period.
For the future, UPS didn’t provide any outlook given the uncertainty caused by the pandemic. However, Brian Newman UPS CFO’s statement read, “looking ahead to the fourth quarter, we are collaborating with our customers and using our proven tools to control volume and ensure the resiliency of our network. We are focused on delivering a successful peak and generating cash returns.”
But like Microsoft and 3M, the market reacted negatively despite the positive results. Following the announcement, UPS stock price lost more than 1%.
Read here and here about how Microsoft and 3M have performed in the past quarter!
Sources: investing.com, finance.yahoo.com
