United Parcel Service (NYSE:UPS) earnings for first quarter of 2020 have UPS stock falling on Tuesday. That’s due to its adjusted earnings per share (EPS) of $1.15 missing Wall Street’s estimate of $1.23. However, the delivery company’s revenue of $18.04 billion is above analysts’ estimates of $17.21 billion.
Below are some additional highlights from the most recent United Parcel Service earnings report.
- Adjusted per-share earnings are down 17.3% compared to $1.39 in the first quarter of 2019.
- Revenue comes in 5.1% higher than the $17.16 billion reported in the same period of the year prior.
- Operating income for the quarter comes in at $1.07 billion.
- The company also reported a net income of $965 million during the quarter.
- That’s a 13.1% drop from UPS’ net income of $1.11 from the same time last year.
David Abney, Chairman and CEO of UPS, said this in the earnings report:
“I want to thank all 495,000 UPSers for their extraordinary efforts to leverage the full power of our global network in the fight against the coronavirus pandemic, keeping critical goods moving for businesses and consumers globally. The world is counting on UPS more than ever before as we support the people on the front lines of this crisis and our customers with speed, ingenuity and reliability.”
United Parcel Service withdraws its outlook for 2020 in its current earnings report. The company cites the economic turmoil caused by the novel coronavirus pandemic as its reason for doing this.
UPS stock was down 4.81% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.