UPS backs full-year revenue guidance

UPS backed its full-year revenue guidance on Tuesday as it posted a rise in third-quarter profit and revenue.

Consolidated operating profit jumped 7.5% from the third quarter of last year to $3.1bn, while revenues rose 4.2% to $24.2bn. Diluted earnings per share were $2.96, while adjusted diluted EPS were $2.99, up 10.3% on the same period a year earlier.

In the international business, revenue was up 1.7% to $4.8bn, driven by a 6.4% increase in revenue per piece. Revenue in the supply chain solutions segment fell, however, down 6.3% to just under $4bn, due to declines in air and ocean freight forwarding, partially offset by growth in the logistics and healthcare businesses.

For full year 2022, UPS reaffirmed guidance for consolidated revenue of around $10bn, an adjusted operating margin of about 13.7% and adjusted return on invested capital above 30%.

Chief executive officer Carol Tomé said: "I want to thank UPSers around the world for their unstoppable spirit and for continuing to deliver outstanding service to our customers.

"The macro environment is very dynamic, but we are on track to achieving our 2022 financial targets by executing our strategy and controlling what we can control."