UPS reported third-quarter earnings this morning and Richard Peretz, the CFO of the shipping giant, stopped by Cheddar to break down how the company is innovating.
UPS matched profit expectations for the quarter, reporting earnings per share of $1.45, and beat estimates for revenue, posting sales of nearly $16 billion. The company did see some setbacks from the hurricanes, though. The storms took $50 million off of operating profit.
But the company forecast a strong holiday quarter, saying it expects deliveries between Black Friday and New Year's Eve to rise 5% to about 750 million packages.
Peretz also responded to the breaking news that the House passed the budget, opening the door for tax reform. He explained how the White House's proposed tax plan could mean growth and change for UPS.
And finally, Peretz addressed the news that Amazon may be getting into the delivery business. He explained that Amazon is a valued partner and that UPS has been in the same-day delivery business for over 20 years.