Small Package, China Sectors Spur UPS Income GrowthGrowth for United Parcel Service Inc.'s global small package business and operations in China spurred the shipper to an 18 percent net income gain for the second quarter, UPS reported yesterday.
Based on the strong quarter, UPS raised its performance outlook and projected full-year earnings to grow 20 percent. Its growth estimate in April had been 15 percent to 18 percent.
UPS reported net income of $818 million, up from $692 million last year.
Revenue for the quarter increased 7.8 percent to $8.87 billion, and average daily package volume rose 500,000 to 13.6 million. International package revenue climbed 13 percent, led by China, where volume rose 70 percent.