UPS reports $4.8 billion profit for 2018

Sandy Springs-based UPS reported a nearly $4.8 billion profit for 2018, saying it executed operations well during the peak holiday delivery season.

The company’s net income for last year fell short of the $4.9 billion reported in 2017. But this year’s profit included the effects of a $1.2 billion charge to reflect an adjustment in the value of pension plans.

UPS said it achieved “record shipments and exceptional on-time service during the peak holiday season.”

Chief financial officer Richard Peretz said in a written statement that the company "executed very well during the quarter in a challenging environment."

The shipping giant ramped up operations, including the opening of a new regional hub in Atlantain anticipation of handling more than 800 million packages during the 2018 holiday season.

The company had nearly $71.9 billion in revenue for the year, up 7.9 percent from 2017. That was driven by rate increases, which contributed to an increase in the company’s revenue per piece by 4.8 percent.