United Parcel Service Reaffirms 2022 Guidance; To Double Share Repurchases For 2022

(RTTNews) - While reporting first-quarter results on Tuesday, United Parcel Service, Inc. (UPS) reaffirmed the company's full-year financial targets. The company continues to project consolidated revenue of about $102 billion, consolidated adjusted operating margin of approximately 13.7%, and dividend payments of about $5.2 billion. Also, UPS announced its plans to double the amount of share repurchases for 2022, taking the target to $2 billion for the year.

First quarter adjusted earnings per share was $3.05, up 10.1% from prior year. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $2.88, for the quarter. Analysts' estimates typically exclude special items.

Consolidated operating profit was $3.3 billion, up 17.6% from a year ago, and up 12.1% on an adjusted basis. Earnings per share was $3.03 for the quarter.

Consolidated revenues were $24.4 billion, up 6.4% from last year. Analysts on average had estimated $23.79 billion in revenue.

Shares of United Parcel Service were up 3% in pre-market trade on Tuesday.