UPS Reports Third-Quarter Growth
ATLANTA (AP) _ United Parcel Service of America Inc. reported strong third-quarter earnings Wednesday after continued growth in its international business and recovery from the 1997 strike.
Profits were $449 million, or 81 cents a share, for the three months ended Sept. 30, compared with a net loss of $10 million or 2 cents per share for the same period last year.
Third-quarter earnings last year for the Atlanta-based package delivery company were hurt by the 15-day Teamsters strike last August.
Revenue for the quarter ended Sept. 30 was $6.16 billion, up 28 percent from the $4.81 billion reported a year earlier.
For the first nine months, the privately held company reported profits of $1.26 billion or $2.28 per share, up 126 percent from $558 million or $1 per share in the same period last year.
UPS reported nine-month revenue of $18.1 billion, up 11 percent over $16.3 billion for the year-ago period.
Domestic revenue for the nine months totaled $15.8 billion in 1998, up 11.2 percent over $14.2 billion in 1997. International revenue rose 10.1 percent to $2.34 billion, with a 16 percent third-quarter increase.
``It’s difficult to make financial and volume comparisons quarter-to-quarter because of the strike’s effects,″ said Jim Kelly, UPS chairman and chief executive officer. ``But one thing is clear _ we are doing a better job of managing the business and the company is healthy and well positioned for growth.″