UPS generated $23.2 billion in revenue in the third quarter! Shipping rates will increase next year!

UPS recently announced its best revenue data ever. Although it has only been three quarters in 2021, its revenue has already set a record. Next year may be better for UPS because it will increase its freight rates next year.

According to UPS CEO Carol Tomé, UPS generated more operating profit in the first nine months of 2021 than in any other year in its history . In 2021, UPS has achieved $8.9 billion in operating income, a 58% increase over the same period in 2020 , of which the operating profit in the third quarter was $2.9 billion, an increase of 22.6% over last year.

In the first three quarters ending September 30 , UPS's total revenue reached $ 23.2 billion, up 9.2% from the same period last year, exceeding Wall Street's previous expectations. Among them, sales in the United States , UPS 's largest market , jumped 7.4%.

Normally , the fourth quarter is the peak holiday shopping season , which is the busiest and most profitable time for UPS , which means that UPS's revenue will continue to increase this year!

Changes to services coming in 2022

UPS freight rates are rising at the fastest pace since 2008 , with supply chain crises and labor shortages fueling the rise in freight rates . On Tuesday , UPS said annual rates will increase 5.9% in 2022. That 's higher than last year's 4.9% increase .

At the same time, UPS also confirmed that its weekend logistics service in the United States will continue to advance. The company will now provide pick-up and delivery services on Saturdays for customers in approximately 90% of the US market area .

Earlier this month, UPS also participated in a meeting with US President Biden to find solutions to the supply chain crisis that is affecting the US market . The company promised to operate around the clock and deliver more goods during non-peak hours . It is reported that there are $24 billion worth of goods waiting to be unloaded on barges and container ships outside the Port of Los Angeles and the Port of Long Beach .

In addition, the editor also learned that UPS said in September this year that it would hire more than 100,000 seasonal workers to cope with the exponentially increasing package craze during the annual holiday shopping season.

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