UPS revenue hits $22.9 billion in Q3, pushing full-year target to $92.6 billion

United Parcel Service generated $22.9 billion in revenue for the third quarter, surpassing the $22.29 billion forecast by LSEG analysts. The company also posted adjusted earnings of $1.69 per share, exceeding the expected $1.63.

UPS increased its full-year consolidated revenue projection to approximately $92.6 billion. This figure represents a rise from the previous target of $91.2 billion set last quarter. The carrier also projected fourth-quarter revenue of $25.7 billion.

The supply chain solutions business led performance with an 18.2% revenue increase. International segment revenue climbed 7.1%, and domestic revenue grew 4.5%. The company attributed the supply chain surge to growth in forwarding and logistics, specifically within the healthcare sector.

Net income for the quarter ended Sept. 30 stood at $1.16 billion, or $1.37 per share. This compares to net income of $1.31 billion, or $1.55 per share, in the same period last year. UPS had previously anticipated flat domestic revenue and falling daily volumes due to seasonal factors and its Amazon contract.

CEO Carol Tomé stated that the company is entering the holiday shipping season from a position of strength. She cited the most automated and efficient network in company history. Shares of UPS rose slightly in premarket trading following the announcement.