January 30, 2020 / 12:10 PM / a month ago

UPS forecasts 2020 profit below expectations

Jan 30 (Reuters) - United Parcel Service Inc on Thursday forecast 2020 earnings below estimates after reporting a 3.6% rise in revenue for the key holiday quarter, helped by demand from e-commerce companies.

The company said it expects adjusted 2020 earnings per share between $7.76 and $8.06, below the midpoint of analysts’ average estimate of $8.07 per share, according to IBES data from Refinitiv.

Atlanta-based UPS said adjusted net income rose to $1.84 billion, or $2.11 per share, in the fourth quarter ended Dec. 31, compared with $1.69 billion, or $1.94 share, a year earlier.

Revenue rose 3.6% to $20.57 billion. (Reporting by Rachit Vats in Bengaluru and Lisa Baertlein in Culver City, California; Editing by Arun Koyyur)

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