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UPS Q3 profit beats estimates; COO to retire

United Parcel Service Inc. reported better-than-expected earnings for the third quarter and announced that its COO will step down later this year.

The package delivery giant said COO Jim Barber will retire at the end of December, ending his nearly 35 years of service for UPS. The company did not announce a succession plan.

The company's adjusted net income rose to $1.80 billion in the third quarter, from $1.58 billion in the year-earlier period.

Adjusted EPS rose 13.7% year over year to $2.07 from $1.82, surpassing the S&P Global Market Intelligence consensus normalized estimate of $2.06.

Adjusted operating profit climbed 20.1% to $2.19 billion from $1.82 billion in the third quarter of 2018, as operating profit in the U.S. domestic package division jumped 25.7%.

The package delivery company's total GAAP revenue grew 5.0% year over year to $18.32 billion from $17.44 billion.

The company raised its guidance for full-year free cash flow to more than $4.0 billion and reiterated its forecast for full-year adjusted EPS at a range of $7.45 to $7.75.