United Parcel Service (NYSE:UPS) reported robust first-quarter financial results on Tuesday, surpassing Wall Street forecasts for both earnings and revenue.
The Atlanta-based package delivery giant announced adjusted earnings of $1.49 per share for the quarter.
This figure, which accounts for asset impairment and non-recurring costs, exceeded the average analyst estimate of $1.44 per share, according to a survey of 10 analysts by Zacks Investment Research.
On a reported basis, net income was $1.19 billion, or $1.40 per share.
UPS also outperformed on the top line, posting quarterly revenue of $21.55 billion.
This figure topped the consensus estimate of $21.06 billion from nine analysts surveyed by Zacks.
While slightly below the $21.7 billion reported in the first quarter of the previous year, the result was driven by growth in the U.S. Domestic and International segments.
The company's ability to exceed profit and revenue expectations in the first quarter indicates a positive start to the year amid ongoing economic conditions.