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UPS Q2 Earnings Improve

United Parcel Service, Inc. (UPS) on Tuesday reported net income of $2.849 billion or $3.25 per share in the second quarter, higher than $2.676 billion or $3.05 per share in the same quarter a year ago.

Excluding one-time items, earnings were $2.880 billion or $3.29 per share, that beat the average estimate of 24 analysts polled by Thomson-Reuters of $3.16 per share. Analysts' estimates typically exclude special items.

Quarterly revenues increased 5.7% year-on-year to $24.8 billion. The consensus estimate was for $24.62 billion.

Further, the company has raised its target for share buyback in 2022 to $3 billion from $2 billion provided earlier.

Looking forward, UPS has maintained its full-year sales outlook of about $102 billion. Analysts expect full-year sales to be $102.11 billion.

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