Package delivery giant United Parcel Service Inc.'s (UPS: Quote) first-quarter net income improved to $970 million or $1.00 per share from $915 million or $0.91 per share last year. On average, 23 analysts polled by Thomson Reuters expected earnings per share of $1.02 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue totaled $13.14 billion, up 4.4% from $12.58 billion in the prior-year quarter, whereas 17 analysts estimated revenues of $13.26 billion for the quarter.
UPS's chief financial officer said, "UPS delivered earnings growth in line with our expectations, driven by the results of the U.S. Domestic and Supply Chain and Freight segments."
Further, the company said it remains confident in its 2012 earnings per share guidance of $4.75 - $5.00, an increase of 9% - 15% over 2011 adjusted results. Analysts project earnings of $4.89 per share for the full year.
by RTT Staff Writer
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