Logistik giant United Parcel ServiceThe Tuesday report showed a 35% increase in quarterly profits, thanks to increased shipping rates and higher demand from more lucrative e-commerce clients.

Fourth-quarter adjusted net profit rose from $2.33 trillion or $2.66 each share to record $3.15 Billion, which was a year ago.

UPS said that its targets of 2023 consolidated revenue growth and operating margins will be met one year ahead.

This is a developing story. Keep checking back for more updates.