UPS share hits record after sharp rise in profits and revenues as residential demand surges

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Actions de United Parcel Service Inc. UPS,
+ 3,39%
climbed 10.6% to an all-time high in pre-market trade on Thursday, after the parcel delivery giant reported second-quarter profit with revenue well above expectations, amid sharply rising demand residential and healthcare shipments that emerged from the COVID-19 pandemic. Net income rose to $ 1.77 billion, or $ 2.03 per share, from $ 1.69 billion, or $ 1.94 per share, the year before. Excluding non-recurring items, adjusted earnings per share was $ 2.13, nearly double the FactSet consensus of $ 1.07. Revenue rose 13.4% to $ 20.46 billion, beating the FactSet consensus of $ 17.50 billion, while domestic plan revenue rose 17.3% to $ 13.07 billion to exceed expectations of $ 11.15 billion. In the United States, the average daily volume rose 22.8%, as residential delivery demand soared, with business-to-consumer shipments increasing 65.2%. The stock has gained 5.7% year-to-date through Wednesday, while the Dow Jones Industrial Average DJIA,
+ 0,60%
slipped 7.0%.

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