UPS stock rallies after profit beat expectations and outlook was affirmed, while revenue came up a bit shy Golie Mark

Shares of United Parcel Service Inc.

rallied 2.0% in premarket trading Tuesday, after the package delivery giant reported third-quarter profit that beat expectations and affirmed its full-year outlook, while revenue came up a bit shy, as strength in U.S. deliveries were offset by weakness in international and supply chain. Net income rose to $2.58 billion, or $2.96 a share, which was up 10.3% from the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.99 beat the FactSet consensus of $2.84. Revenue grew 4.2% to $24.2 billion, just below the FactSet consensus of $24.31 billion. U.S. Domestic revenue rose 8.2% to $15.37 billion, above the FactSet consensus of $15.12 billion; International revenue increased 1.7% to $4.80 billion, below expectations of $4.89 billion; and Supply Chain Solutions revenue fell 6.3% to $3.99 billion, missing expectations of $4.29 billion. For 2022, the company affirmed its revenue outlook of around $102 billion, but cut its capital expenditures outlook to $5.0 billion from $5.5 billion. The stock has dropped 10.8% over the past three months through Monday, while the Dow Jones Transportation Average

has declined 5.8% and the Dow Jones Industrial Average

has eased 1.5%.

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