<p>United Parcel Service (NYSE: UPS) earnings for the first quarter of 2020 have UPS inventories falling on Tuesday. This is because the adjusted earnings per share (EPS) of $ 1.15 do not have a Wall Street estimate of $ 1.23. However, the delivery company’s revenue of $ 18.04 billion is higher than analysts’ estimates of $ 17.21 billion.
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Below are some additional highlights from the latest earnings report from United Parcel Service.
Adjusted earnings per share decreased by 17.3% compared to USD 1.39 during the first quarter of 2019. Revenue increased 5.1% higher than USD 17.16 billion reported during the same period the year before. Operating profit for the quarter was $ 1.07 billion. The company also reported a net profit of $ 965 million during the quarter. That’s a 13.1% drop from UPS net income of $ 1.11 from the same time last year.
David Abney, UPS Chairman and CEO, said this in the earnings report:
“I would like to thank all 495,000 UPS users for their extraordinary efforts to harness the full power of our global network in the fight against the coronavirus pandemic and keep critical goods moving for businesses and consumers globally. The world is counting on UPS more than ever when we support the people on the front lines of the crisis and our customers with speed, ingenuity and reliability. ”
United Parcel Service retracts its prospects for 2020 in its current earnings report. The company cites the economic unrest caused by the new coronavirus pandemic as the reason for this.
The UPS stock fell 4.81% as of Tuesday afternoon.
At the time of writing, William White had no position in any of the above securities.
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