Oct 24 – United Parcel Service Inc reported a 20 percent rise in quarterly profit on Wednesday as the company’s tax bill nearly halved and it benefited from a boom in online shopping.
The world’s largest package delivery company said net income rose to $1.51 billion, or $1.73 per share, in the third quarter ended Sept. 30, from $1.26 billion, or $1.44 per share, a year earlier.
Revenue rose 8 percent to $17.44 billion.
The company stuck to its forecast for full-year adjusted earnings of $7.03 to $7.37 per share and said it plans to spend between $6.5 billion to $7 billion in 2018 to expand its reach. (Reporting by Lisa Baertlein in Los Angeles and Rachit Vats in Bengaluru; Editing by Arun Koyyur)