UPS’s export volumes rise 5% in Singapore

Export volumes for the third quarter grow more than 5% in Singapore compared to a year before, UPS said, while export volumes in Asia grew by more than 20%.

"Singapore plays a strategic role for UPS in Asia and globally," said Mary Yeo, MD of UPS Singapore. "The growth recorded in Singapore is evident of our commitment to our customers to fulfil their supply chain solutions through our connected global network."

The company said revenues rose 4.7% during the quarter, while adjusted diluted earnings per share rose 9.4% to US$1.05.

UPS said the financial results excluded a US$46 million restructuring charge and related expenses for a supply chain business in France. Including these charges, diluted earnings per share increased 6.3% to US$1.02.

Consolidated revenue rose to US$12.21 billion in the quarter, up from US$11.66 billion recorded in 2006, while operating profits were up an adjusted US$1.75 billion from US$1.58 billion a year ago.

"Fourth quarter results will be driven by good performance in our international operations and further gains in supply chain and freight," projected Scott Davis, UPS's vice chairman and CFO. "For the full year, we expected adjusted diluted earnings per share to be between US$4.13 and US$4.19, well within the range we provided at the beginning of 2007."