With millions of households relying on UPS for supplies and, more urgently, just-approved vaccines to combat a raging pandemic, package volumes for the delivery company soared in the fourth quarter and revenue spiked 21%.
Full-year revenue and profit set records. Revenue reached $24.9 billion, up from $20.57 billion for same three months the previous year ending December 31.
That easily beat the $22.87 billion that analysts polled by FactSet expected. In the U.S., revenue rose 17.4%, driven by growth from small and medium-sized businesses.
International revenue increased 26.8%, led by Asia and Europe. Average daily volume climbed 10.6% for the year. The company took a number of major charges in the quarter and it swung to a loss of