United Parcel Service reported first quarter earnings that surpassed expectations.
The delivery company’s adjusted net income came in at $5.47 a share, vs. an adjusted loss of -$2.87 a share in the year-ago quarter. Analysts polled by FactSet had expected earnings of $1.72 a share.
Revenue surged +27% from the year-ago period to $22.9 billion, also beating analysts’ expectation of $20.49 billion.
The company’s revenue in its U.S. domestic unit rose 22.3%, led by growth from small- and medium-sized businesses.
UPS has been benefitting from increased online deliveries as consumers staying at home during the pandemic order various items on digital platforms. It is also delivering COVID-19 vaccines.
“During the quarter, we continued to execute our strategy under the better not bigger framework, which enabled us to win the best opportunities in the market and drove record financial results,” CEO Carol Tome said in a statement.
Citing “continued economic uncertainty”, the company did not provide any projection for 2021 revenue or diluted earnings per share.