Photo: Daniel Goodman / Business Insider
Global shipping giant United Parcel Service saw shipments jump 4.3 per cent to nearly 1 billion packages during the first three months of 2012.Click here for updates >
But the company missed expectations on both the top and bottom lines.
Earnings per share were a penny below analyst expectations, at $1.00, on revenue of $13.14 billion, $120 million below forecasts.
“These results demonstrate that UPS is providing its customers with the solutions needed for today’s ever-changing market conditions,” UPS Chief Executive Scott Davis said. “We will continue to invest and develop innovative services that facilitate global commerce, ensuring UPS’s long-term success.”
Average daily volume increased by some 600,000 packages a day, to 15.6 million.
Shares in UPS are more than three per cent lower in pre-market trading.