United Parcel Service, Inc managed to navigate the waters of difficult economic conditions in the first-quarter in producing a pretty solid set of results. As with key rival FedEx Corporation , UPS is seeing strong e-commerce (particularly Business to Consumer, or B2C) growth supplant weakness in the industrial economy. This is unsurprising, as the theme of consumer-facing businesses outgrowing industrial-facing ones is a recurring one this earnings season. Let's see how the company managed to extract 9% operating income growth in a quarter when other companies have floundered.
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