October 24, 2018 / 11:11 AM / 20 days ago

UPS quarterly profit rises 20 pct

Oct 24 (Reuters) - 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)

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