UPS (UPS) is still upbeat on the prospects of its globally sensitive business despite rising trade tensions.
"We still expect to have strong growth [internationally]," UPS Chief Financial Officer Richard Peretz told TheStreet.
The Atlanta-based package shipping giant said net income rose to $1.49 billion, or $1.71 on a per share basis. Earnings, adjusted to exclude a pre-tax charge of $263 million due to costs related to the Voluntary Retirement Plan, came in at $1.94 a share, and revenue rose 9.6% to $17.46 billion. Those results beat analyst forecasts calling for earnings of $1.93 a share on revenue of $17.33 billion.
International operating profits, excluding currency headwinds, rose by a double-digit percentage for the 14th straight quarter.
For the full year, UPS said it continues to expect 2018 adjusted earnings in the range of $7.03 to $7.37 a share. The reiterated outlook, despite the solid second quarter beat, may be giving investors pause in the early going.
The company raised its free cash flow target to $5 billion and anticipates capital expenditures between $6.5 billion and $7 billion.
-Anders Keitz contributed to this story.
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