UPS quarterly profit top estimate as online demand rises
Strategas Research Partners CEO Jason Trennert provides insight into the earnings season so far.
July 25 (Reuters) - United Parcel Service Inc's quarterly profit topped Wall Street estimates on Wednesday, as booming online shopping boosted package volumes in the United States, the company's biggest market.
The world's largest package delivery company, seen as an indicator of U.S. economic strength and consumer demand, reaffirmed its full-year adjusted earnings forecast of $7.03 to $7.37 per share.
Revenue at the company's U.S. package services rose 6.3 percent in the second quarter from a year earlier, while revenue at its international package segment jumped 13.6 percent.
UPS said net income rose 7.3 percent to $1.49 billion, or $1.71 per share, in the second quarter ended June 30.
On an adjusted basis, the company earned $1.94 per share, beating analysts' estimate of $1.93, according to Thomson Reuters I/B/E/S.
Revenue rose 9.6 percent to $17.46 billion, topping estimate of $17.33 billion.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)