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UPS Earnings Could Deliver a New All-Time High Stock Price
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UPS reiterated its full-year EPS guidance of $4.65 to $4.85. The company cut its EPS guidance in July, sending the stock down nearly 6%. UPS is “confident” that its fourth-quarter business will not suffer from a lack of consumer confidence or spending, citing “robust online sales” as a reason for its optimism.
The company’s CEO said:
We are making investments in emerging markets, healthcare distribution and our worldwide retail delivery models, ensuring that UPS delivers both the solutions customers require and the returns our shareowners expect.
Domestic package service operating revenue rose nearly 16% to $1.2 billion and operating margin rose by 140 basis points to 14.4%. International revenue rose 2.5% to $3 billion in the quarter, but operating profit fell by around 7%.
UPS delivered an average of 16.2 million packages a day in the fourth calendar quarter of 2012, but has not offered an estimate of what it expects to deliver this year. Rival FedEx Corp. (NYSE: FDX) said last week that it expects to handle 22 million packages on December 2 (Cyber Monday) this year, its busiest day ever.
UPS shares were up about 2.4% in premarket trading to $96.74, well above the top of the company’s 52-week range of $69.56 to $95.40. Thomson Reuters had a consensus analyst price target of around $96.60 before this report.
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