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UPS POSTS STRONG 2ND-QUARTER RESULTS

UPS POSTS STRONG 2ND-QUARTER RESULTS

   A day after announcing it will go public this year, United Parcel
Service reported a 28.2-percent jump in second quarter net income, to $588
million.
   Total revenue at the U.S. express delivery giant grew 7.4 percent to
$6.56 billion.
   UPS said international operating profit nearly tripled to $65 million,
from $23 million a year earlier. Operating profit from the company’s U.S.
domestic package business also grew steadily by 17.5 percent to $878
million.
   UPS said the solid results were due mainly to a 3.5-percent increase in
domestic package volume and a 29.2-percent increase in Asia/Pacific express
volume during the quarter.
   Revenue from non-package operations, including the UPS Logistics Group,
grew 21.6 percent to $265 million, but operating profit fell by $2 million
to $33 million.
   Analysts expect UPS’s initial public offering later this year to
generate about $3 billion, which would rank it as one of the biggest IPO’s
ever.