UPS beats revenue estimates

United Parcel Service beat Wall Street estimates for second-quarter revenue on Tuesday, helped by ecommerce deliveries, air shipments and specialized handling of healthcare products such as Covid-19 vaccines.

Analysts expect the company to benefit from sustained volume growth as people prefer to order online rather than visit stores due to the spread of coronavirus variants.

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Under Chief Executive Carol Tomé, UPS has been reining in costs and focusing on high margin packages under her "better not bigger" strategy.

Revenue in its core US domestic unit rose 10.2 per cent.

The parcel delivery company said adjusted earnings per share rose 43.7 per cent to $3.06 in the second quarter.

Total revenue jumped to $23.42 billion from $20.46 billion, beating estimates of $23.24 billion, according to Refinitiv data.