United Parcel Service (UPS) on Tuesday released first-quarter results that surpassed analyst expectations for adjusted profit but fell short of revenue expectations.
UPS reported adjusted earnings per share (EPS) of $1.43 on adjusted net income of $1.22 billion, above the marks of $1.31 per share and $1.12 billion analysts expected, according to estimates compiled by Visible Alpha.
“Our financial performance in the first quarter was in line with our expectations, and average daily volume in the U.S. showed improvement through the quarter,” UPS Chief Executive Officer (CEO) Carol Tomé said in a statement. “Looking ahead, we expect to return to volume and revenue growth.”
However, UPS’s revenue of $21.7 billion came in slightly below analyst estimates of $21.89 billion. Lower revenue than expected while also reporting a higher profit than estimated could mean UPS is progressing in its plan to cut billions in costs to deal with drops in demand after its revenue …