UPS’ revenues increase as pandemic drives demand

By Rachelle Harry

UPS achieved increased revenues across all of its divisions, the company reported its first quarter 2021 results – and it attributed this to demand driven by the pandemic.

The company’s consolidated revenue increased by 27% year on year to $22.9bn, while consolidated operating profit climbed 158% to $2.8bn.

UPS chief executive Carol Tomé commented: ““During the quarter, we continued to execute our strategy under the better not bigger framework, which enabled us to win the best opportunities in the market and drove record financial results.”

Driven by “strong demand in nearly all businesses”, UPS’ supply chain and freight segment achieved a 34% year-on-year increase in revenues to $4.3bn. Operating profits climbed 104% to $321m.

Driven by “growth from small and medium-sized businesses”, revenues for UPS’ domestic US segment increased by 22% year on year to $14.01bn. Operating profit for the sector increased 273% to $1.4bn.

The company’s international revenues rose 36% year on year to $4.6bn, “led by Asia and Europe”, while the sector’s operating profit increased 97% to $1.1bn.

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