Shipping giant UPS exceeded third-quarter expectations with adjusted earnings of $1.74 per share on revenue of $21.42 billion, beating estimates. The company’s cost-cutting measures, including cutting nearly 50,000 jobs this year, contributed to boosting profits. UPS shares surged 7% to their highest levels in three months, showing signs of a successful turnaround plan. UPS has achieved cost savings of $2.2 billion this year and expects to save $3.5 billion compared to the year before. The company also issued guidance for the fourth quarter, indicating confidence in its progress. UPS aims for $24 billion in fourth-quarter revenue, above Visible Alpha consensus. UPS has taken more aggressive steps than previously outlined, with plans to cut 20,000 operational jobs and close 70 facilities this year. UPS shares are down nearly 30% this year.

Read more at Yahoo Finance: Why UPS Stock is Among Top S&P 500 Gainers Today