United Parcel Service (UPS) has reported first-quarter net income of $1.03 billion, up 12.6% over a net profit of $911 million in the prior-year period. Revenue rose by 1.4% to $13.98 billion. Operating expenses increased slightly by 0.3% year-over-year to $12.3 billion, with operating profit up 10.6% to $1.67 billion.

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