(Reuters) -United Parcel Service (UPS) forecast fourth-quarter revenue above Wall Street’s estimates on Tuesday, banking on price increases to offset soft business-to-business demand in the U.S.
The company projected revenue to be about $24 billion. Analysts’ on average were expecting quarterly revenue of $23.8 billion, according to data compiled by LSEG.
Shares of the company were up 14% in premarket trading.
The world’s largest parcel delivery firm reported adjusted net income of $1.48 billion, or $1.74 per share, for the three months ended September 30, compared with $1.50 billion, or $1.76 per share, a year earlier.
UPS and rival FedEx companies have lost volumes due to U.S. President Donald Trump’s tariffs on a broad range of goods from China, as well as the elimination of duty-free treatment on low-value purchases from China-linked e-retailers including Temu and Shein.
(Reporting by Abhinav Parmar in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Sriraj Kalluvila)
