UPS said its profit grew nearly ten-fold in 2021 and that revenue should top $100 billion this year, propelled by e-commerce growth and higher shipping rates.
2020 was a challenging year that required the shipping giant to rapidly adjust to a surge in online shopping at the start of the COVID-19 pandemic and prepare for vaccine shipments. 2021 brought an economic rebound driving so much global traffic that it is clogging supply chains.
"The external environment is challenging due to the ongoing impacts of the pandemic, labor tightness, upstream supply chain jams and rising inflation," UPS Chief Executive Officer Carol Tomé told investors during a conference call Tuesday. But, she added, "we are maniacal about controlling what we can control."
