UPS says its fourth-quarter profit tripled over what it was a year ago. The package delivery giant credits a stronger than expected holiday season as one of the reasons.
UPS profits were $757 million, representing a nearly 200-percent jump from the year earlier. The result was 3 cents-a-share better than what Wall Street analysts projected.
Overall revenue for the Atlanta-based company actually fell 2.5 percent, but cost-cutting measures and tighter capital expenditures helped pave the way for the profit spike. UPS also says growth of its international business contributed to better profits.
However, job cuts are still coming through a streamlining of U.S. operations. UPS is underway with its plan to eliminate 1,800 management and administrative positions over the next few months through voluntary buyouts.
The shipping company also announced it will restore bonuses for management this year.