In the midst of gridlocked supply chains and inflation woes, UPS continues to benefit from the increase in online shopping as the Covid-19 pandemic persists.
The company's record-breaking third-quarter earnings beat analysts expectations, sending shares up more than 7% Tuesday morning. Typically, the fourth quarter, which includes the holiday shopping and shipping season, is the busiest and most lucrative for UPS.Consumer prices are rising at the fastest 12-month pace since 2008, and supply chain bottlenecks plus a labor shortage are only putting more pressure on costs. UPS announced an annual rate increase of 5.9% for 2022 during Tuesday's call. That's higher than last year's increase of 4.9%.
Earlier this month, UPS was among the major companies that met with President Joe Biden to try to find solutions for the ongoing supply chain crisis impacting retailers and shippers. The company committed to 24/7 operations to move more products during off-peak hours.
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