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UPS posts 35% profit jump, says will hit margin targets early

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Logistics giant United Parcel Service reported a 35% rise in quarterly profit on Tuesday, boosted by higher shipping rates and demand from more profitable e-commerce customers.

The company’s fourth-quarter adjusted net income rose to a record $3.15 billion, or $3.59 per share, from $2.33 billion, or $2.66 per share, a year earlier.

UPS also said it expects to deliver its 2023 consolidated revenue and operating margin targets one year early.

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