April 27, 2021 at 05:51PM

UPS reported its domestic revenues were up 22.3 percent for the first quarter, driven by growth from small and medium-sized businesses (SMBs). In a Tuesday (April 27) press release, UPS added that its Q1 consolidated revenue was $22.9 billion, marking a 27 percent increase over the first quarter of 2020.

However, consolidated revenues were down from the $24.9 billion posted in the last quarter of 2020, which of course included the holiday season.

Overall, business is up. During the quarter, UPS said, “consolidated average daily volume increased” 14.3 percent, compared to the same period the year before.

In addition, “consolidated operating profit was $2.8 billion, up 158 percent compared to the first quarter of 2020.” In addition, “diluted earnings per share were $5.47 for the quarter,” up nearly 400 percent from the same period in 2020.

“During the quarter, we continued to execute our strategy under the better not bigger framework, which enabled us to win the best opportunities in the market and drove record financial results,” said Carol Tomé, UPS chief executive officer.

In addition, the company was able to reduce its pension liability by $6.4 billion. The release said that, “given continued economic uncertainty, the company is not providing 2021 revenue or diluted earnings per share guidance.” However UPS said it is “re-affirming its full-year capital allocation plans.”

UPS began delivering COVID-19 vaccines in the fourth quarter of 2020, giving the holidays something to cheer about. Wrapping up the year, eCommerce boomed over the holidays, hitting a record $188.2 billion, according to an analysis from Adobe Digital Insights. That was up 32 percent over the same time the previous year, ADI said.

Online spending during the two-month holiday shopping period was, for the first time, over $1 billion every day, and Cyber Monday sales went past $10 billion.

As the online surge hit shippers in December, UPS actually imposed shipping restrictions on some large retailers such as Gap, Nike, L.L. Bean, Hot Topic, Newegg and Macy’s.

SMBs Fuel 22 Pct Increase In UPS Quarterly Domestic Revenues …

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