UPS produces outstanding results despite rough second quarter
Shares in the logistics giant United Parcel Service (UPS) leaped 10.6 percent ahead of trading on Thursday when investors read its better than expected results for the second quarter of 2020. Net income rose from $1.69 billion a year ago to $1.77 billion. At $2.13, its adjusted earnings per share nearly doubled the predictions of stock analysts. Revenue rose 13.4 percent to $20.46 billion, which was again well ahead of most expectations, thanks in large part to high demand levels from the company's residential sector. Business to consumer shipments jumped a hefty 65.2 percent. The stock had already gained 5.7 percent as of the end of trading on Wednesday. There have been concerns that the logistics sector could fare badly in other sectors, but those involved in some way with consumer spending appear to be performing strongly.