UPS posts higher first-quarter profit

United Parcel Service, the world's largest package delivery service, reported sharply higher first-quarter earnings on Tuesday and confirmed its outlook for the year.

UPS posted profit of $533 million, or 53 cents per share, compared with $401 million, or 40 cents per share, a year earlier.

Revenue rose 7 percent to $11.7 billion, driven by an increase in international volume.

Atlanta-based UPS also confirmed its 2010 outlook, which it raised on April 14 to a range of $3.05 to $3.30 per share.

UPS shares were down 2.2 percent at $67 in trading before the market opened.