United Parcel Service (NYSE:UPS) announced on Tuesday that it earned $469 million during the third quarter, down 56% from the same period last year. Adjusted EPS came in at $1.06, which met analysts’ forecasts, the Associated Press noted.
The shipping and logistics company recorded quarterly revenue of $13.07 billion, a fractional decline from 2011, but less than the $13.32 billion that Wall Street was expecting.
Investors liked the results. Shares of UPS rose more than 2% in Tuesday afternoon trading.
Company officials refined their profit guidance for the year, estimating 2012 earnings of between $4.55 and $4.65 a share. That’s a narrower range compared to previously issued forecasts of between $4.50 and $4.70 a share.
During the third quarter, the company’s U.S. package business saw its operating income decline as higher fuel costs eclipsed increased volume and shipping prices. International shipping delivered its largest third-quarter profit on shipments from Asia.
UPS noted that about 40% of third-quarter shipping volume was packages sent from retailers to consumers. That was projected to exceed 50% during the current quarter’s holiday shopping season.