UPS smashes forecasts on pandemic e-commerce boom
The health crisis once again delivered a big payday for United Parcel Service.
The world's biggest package delivery company smashed through sales and profit forecasts on Tuesday, with total revenues surging 27 percent in the first quarter to just under $23 billion.
It's benefitting from a boom in e-commerce deliveries as consumers continued to spend online for just about everything. And retail trend watchers believe the health crisis accelerated a seismic shift to online shopping that is unlikely to abate even as more Americans get vaccinated and begin to try to return to some sense of normalcy.... that bodes well for UPS' business going forward.
Shipments rose across all geographic regions with UPS handling 23 percent more packages per day on average.
Shares of UPS were on the move in record territory.
