United Parcel Service (UPS), the world's largest package delivery company, reported that its first-quarter net income increased to $1.04 billion or $1.08 per share, from $970 million or $1.00 per share in the same quarter last year.
During the latest-quarter, the company reported a $36 million after-tax gain related to its attempted acquisition of TNT. This amount included a $213 million after-tax currency gain from liquidating a foreign subsidiary, mostly offset by a $177 million after-tax charge for the termination fee and other transaction-related costs.
Adjusted net income for the quarter was $1.00 billion, and $1.04 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.
The latest-quarter benefited from a stronger than expected post-holiday season in January as UPS e-commerce solutions resonated with customers. In the U.S. Domestic segment, daily package volume grew 4.4% and operating profit improved 9%.
Total revenues for the quarter rose to $13.43 billion from $13.14 billion in the prior year quarter. Twenty two analysts had consensus revenue estimate of $13.47 billion for the quarter.
For the first-quarter, the company delivered 16.2 million packages per day, an increase of 4.1% over the prior-year period.
The company reaffirmed its 2013 adjusted earnings per share guidance in a range of $4.80 to $5.06. Analysts expect the company to report earnings of $4.99 per share for fiscal 2013.
In a separate press release, UPS announced it will purchase Hungary-based pharmaceutical logistics company, CEMELOG Zrt, as part of its ongoing global growth and investment strategy.
UPS expects to complete the transaction in the second quarter of 2013, subject to customary closing conditions. The terms of the deal are not disclosed.
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