April 26 2011 08:22 AM

UPS (NYSE: UPS) today announced diluted earnings per share of $0.88 for the first quarter of 2011, a 24% improvement over the adjusted $0.71 for the prior-year period. Global revenue grew 7.3%, producing a 21% increase in operating profit to $1.4 billion.

On a reported basis, diluted earnings per share and operating profit increased 66% and 37%, respectively, over the same period last year.

"UPS produced strong first quarter results despite rapidly rising fuel costs and challenging weather conditions," said Scott Davis, UPS chairman and CEO. "Once again we demonstrated the strength of our global portfolio and ability of our integrated operating model to further expand margins."

Based on the company's performance, UPS has increased its guidance for 2011 diluted earnings per share to a range of $4.15-to-$4.40, an increase of 17-to-24% over 2010 adjusted results.

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