Domestic shipping drives UPS profit

United Parcel Service Inc. (UPS) on Wednesday reported third-quarter profit of $1.51 billion.

The Atlanta-based company said it had net income of $1.73 per share. Earnings, adjusted for non-recurring costs, were $1.82 per share.

The results matched Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was also for earnings of $1.82 per share.

The package delivery service posted revenue of $17.44 billion in the period, surpassing Street forecasts. Nine analysts surveyed by Zacks expected $17.41 billion.

UPS expects full-year earnings in the range of $7.03 to $7.37 per share.

UPS shares have dropped 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2.5 percent. The stock has declined 4.5 percent in the last 12 months.

This article provided by NewsEdge.