Logistics and shipping giant United Parcel Service (UPS) reported that its fourth quarter adjusted net income rose to a record $3.15 billion U.S.
The Atlanta, Georgia-based company said its net income amounted to a record $3.59 U.S. per share in the fourth quarter, up from $2.33 billion U.S., or $2.66 U.S. per share, a year earlier.
UPS said its quarterly profit increased 35%, boosted by higher shipping rates and demand from more profitable e-commerce customers.
The company said it expects to deliver its 2023 consolidated revenue and operating margin targets one year earlier than previously expected.
UPS, the world's largest delivery company, said it expects revenue of about $102 billion U.S. in 2022, beating Wall Street estimates of $100 billion U.S., according to Refinitiv data.
Total revenue in the fourth quarter came in at a record $27.77 billion U.S., beating the average analyst estimate of $27.06 billion U.S.
Shares of UPS rose 5.6% in premarket trading. The stock has gained 29% in the last 12 months to close yesterday (January 31) at $202.21 U.S
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