UPS reported $7.58 billion in revenue in first quarter 2002, up from $7.44 billion last year. The company’s net income fell from $582 million to $563 million.
The income falloff would have been greater, but domestic shipping managed to increase operating income from $845 million to $862 million, even as its revenue slipped from $5.98 billion to $5.9 billion. The company attributed the increase in operating income to its cost controlling efforts. Atlanta-based UPS’s quarter ended March 31.
International shipping revenue slipped from $1.07 billion to $1.05 billion, and its operating income dropped from $39 million to $30 million.
The company’s non-package activities, which include its Supply Chain Solutions offerings, generated $622 million during the quarter, up from $385 million. Operating income for this segment declined from $60 million a year ago to $55 million.
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