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UPS Stock Surges on Q3 earnings beat.
Ari Levy · October 24, 2024 · 1 min read
UPS stock is up 4.95% today after announcing revenue and profit growth for the first time in over a year.
UPS has struggled the past year, like many shipping companies.
CEO Carole Tomé said, "After a challenging 18-month period, our company returned to revenue and profit growth,"
The company posted stronger-than-expected earnings for Q3.
Wall Street predicted UPS earnings at $1.63 per share and revenue of $22.1 billion. UPS posted $1.76 per share and $22.2 billion in revenue.
Is this a sign that the freight market may be making a comeback?
UPS CFO Bryan Dykes said, "Domestic volumes rose at the highest growth rate we’ve seen in more than three years.”
I'd say this is a bullish sign for the freight market as we head into the peak season of Q4.
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