Global shipping giant UPS reported operating profit surged 17 per cent during the quarter to $2 billion, or $1.28 per share, topping analyst expectations by two cents.
Top line results grew 6 per cent year-on-year to $14.2 billion, as demand during the holiday season beat internal company estimates.
Over the three month period, Big Brown delivered 1.13 billion packages, 480 million during the peak holiday period.
“UPS delivered record fourth quarter results in volume, revenue and profitability,” UPS CEO Scott Davis said. “In short, the quarter was a testament to the power of UPS’s global model and the company’s ability to operate efficiently in evolving markets.”
Shares traded as much as 1.1 per cent higher in pre-market trading, but are now 0.5 per cent lower after the company issued tepid calls for global growth in 2012.
“Our expectations are for mixed economic growth around the world, with modest improvement in the U.S. However, UPS projects another strong year of earnings,” Davis said.
UPS projects earnings for 2012 to be in the range of $4.75 to $5.00, above analyst estimates for $4.78.
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