UPS reports growth in first quarter earnings

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UPS has reported a seven per cent growth in revenue for the first quarter of 2010 driven by an 18 per cent increase in its International Package division and a 14 per cent rise in Supply Chain and Freight.

International daily volumes grew “significantly” with export up more than nine per cent and non-US domestic up over 24 per cent.

US domestic volume increased less than one per cent – the first year-on-year growth in more than two years.

“We expected the first quarter to be the most challenging of 2010 as the economic recovery gathered steam through the year,” said Kurt Kuehn, UPS’s chief financial officer.

“As it turned out, revenue was stronger than we expected due to international volume gains, increased yields in the US and growth in Forwarding and Logistics. Also, the operating leverage in our streamlined network provided higher margins than anticipated.”

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