Shares of United Parcel Service Inc. UPS, +0.04% rallied 1.7% toward a three-month high in premarket trading Tuesday, after the package delivery giant reported third-quarter profit and revenue that beat expectations, with all business segments topping forecasts. Net income was $2.33 billion, and earnings per share of $2.65 rose 18.3% from a year ago. Excluding nonrecurring items, adjusted EPS came to $2.71 to beat the FactSet consensus of $2.55. Revenue grew 9.2% to $23.2 billion, topping the FactSet consensus of $22.6 billion. U.S. domestic segment revenue grew 7.4% to $14.21 billion, helped by a 12.0% increase in revenue per piece, above the FactSet consensus of $14.19 billion; international segment revenue increased 15.5% to 4.72 billion, above expectations of $4.66 billion; and supply chain solution revenue rose 8.4% to $4.26 billion to beat expectations of $3.67 billion. The company raised its 2021 outlook for capital expenditures to $4.2 billion from $4.0 billion. The stock has rallied 21.1% year to date through Tuesday, while the Dow Jones Transportation Average DJT, +0.65% has advanced 26.9% and the Dow Jones Industrial Average DJIA, +0.18% has gained 16.8%.
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