UPS’s 2011 profit rises 14% to $3.8 billion

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United Parcel Service (UPS) posted 2011 net income of $3.8 billion, up 14% over a net profit of $3.34 billion in 2010, and projected that it will do well in 2012 despite uncertainty about the global economy.

CFO Kurt Kuehn said the company has expectations “for mixed economic growth around the world [in 2012] with modest improvement in the US.” However, he added, “UPS projects another strong year of earnings” with 2012 per share earnings expected to rise 9%-15% over 2011.

The Atlanta-based delivery giant’s “cash flow will remain strong,” Kuehn said.

UPS’s 2011 revenue increased by 7.2% compared to 2010 to $53.1 billion including a 10% rise in air-intensive international package revenue to $12.25 billion. US domestic package revenue grew 6.6% to $31.72 billion. Expenses lifted 7.1% to $47.03 billion and operating profit was $6.08 billion, up 7.8% year-over-year.

 Source: ATW online

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