UPS beats expectations with Q3 earnings

Courier United Parcel Service beat analysts' expectations for the third quarter of its trading year thanks to it charging customers higher rates throughout the period.

United Parcel Service reported third-quarter earnings of $2.33bn for the three months ended 30 September, or $2.65 on a per-share basis, up from $1.96bn, or $2.24 per share, at the same time a year earlier.

Stripping out one-time items, third-quarter earnings came to $2.71 per share, easily beating expectations on the Street for a print of $2.52 per share.

UPS' revenues grew to $23.18bn from the $21.24bn seen last year, ahead of market expectations of $22.61bn.

Revenues climbed 7.4% Stateside to $14.21bn, aided by a 12% increase in revenue per piece, better than the $14.19bn Wall Street was calling for, while international revenue rose 15.5% to $4.72bn to top the $4.66bn expected.

As of 1355 BST, UPS shares were up 6.15% in pre-market trading at $216.44 each.