United Parcel Service Inc. (NYSE: UPS) said Tuesday that its first-quarter profit rose to $885 million, or 88 cents a share, from $533 million, or 53 cents a share, in the year-ago period. On an adjusted basis, the company earned 88 cents a share in the latest quarter. Revenue climbed 7.3% to $12.58 billion. Analysts, on average, expected the company to earn 84 cents a share on revenue of $12.71 billion.
"UPS produced strong first quarter results despite rapidly rising fuel costs and challenging weather conditions," said Scott Davis, UPS chairman and CEO. "Once again we demonstrated the strength of our global portfolio and ability of our integrated operating model to further expand margins."
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