分析：UPS——现金流表现与盈利超预期同样重要
Analysis: UPS – the cash line matters just as much as the earnings beat
UPS 已完成削减 Amazon 货量的计划，转而扩大目标货量；每件包裹收入增速超过成本，并连续第二个季度上调展望，股价上涨近6%。市场对2026年预测逐渐趋近指引，但卖方分析师对2027年改善幅度分歧明显，争议涉及燃油附加费、一次性现金收益及第四季度利润率提升的影响。
ID 55602413 © Jakub Jirsak | Dreamstime.com
By Lawrence Lim
28 October 2026
With its planned cut in Amazon volume finished, UPS is growing the volume it wants, lifting revenue per parcel faster than cost and raising its outlook for the second quarter running, and the shares rose almost 6%. Forecasts for 2026 are converging on guidance, but the sell-side analysts are split sharply on 2027, over how much of the improvement survives once fuel surcharges, one-off cash benefits and a steep fourth-quarter margin ramp are set aside – with labor and ...
来源：The Loadstar · theloadstar.com