UPS shares skyrocket to record after big gains and revenue as residential demand increased

Shares of United Parcel Service Inc. UPS,
+ 3.39%
It shot up 10.6% to a record in pre-market trade on Thursday, after the parcel delivery giant reported second-quarter earnings with far-above-expected revenue amid rising demand. residential and health care shipments that emerged from the COVID-19 pandemic. Net income increased to $ 1.77 billion, or $ 2.03 per share, from $ 1.69 billion, or $ 1.94 per share, in the same period last year. Excluding non-recurring items, adjusted earnings per share reached $ 2.13, almost double the FactSet consensus of $ 1.07. Revenue increased 13.4% to $ 20.46 billion, beating the FactSet consensus of $ 17.50 billion, as national package revenue grew 17.3% to $ 13.07 billion at higher expectations of $ 11.15 billion. In the U.S., average daily volume increased 22.8%, while residential delivery demand skyrocketed, with business-to-consumer shipments increasing 65.2%. The stock has gained 5.7% to date as of Wednesday, while the DIA Jones Industrial Average DJIA,
+ 0.60%
it has slipped 7.0%.