United Parcel Service UPS performed exceedingly well in first-quarter 2021, reporting both better-than-expected earnings per share and revenues.The company’s earnings (excluding $2.70 from non-recurring items) per share of $2.77 surpassed the Zacks Consensus Estimate of $1.67. The bottom line also surged in excess of 100% year over year. Results were aided by an expanded volume of deliveries with the coronavirus pandemic continuing to confine people to their homes.Driven by inflated volumes, quarterly revenues at UPS climbed 27% year over year to $22,908 million, surpassing the Zacks Consensus Estimate of $20,379.7 million. Notably, consolidated average daily volumes jumped 14.3% year over year. Also, overall operating profit skyrocketed more than 100% on an adjusted basis in the first quarter, boosted by double-digit growth in adjusted operating profit across all segments.The earnings and revenue beat pleased investors. As a result, the stock gained in pre-market trading.United Parcel Service, Inc. Price, Consensus and EPS Surprise United Parcel Service, Inc. price-consensus-eps-surprise-chart | United Parcel Service, Inc. QuoteDuring the March quarter, UPS generated free cash flow of $3,712 million. The company’s capital expenditures were $834 million in the reported quarter.Segmental DetailsU.S. Domestic Package revenues increased 22.3% year over year to $14,010 million in the first quarter, driven by growth from small and medium-sized businesses. Revenue per piece ascended 10.2%, driven by Ground products. Segmental operating profit (adjusted) expanded more than 100% to $1,463 million in the quarter. Adjusted operating margin in the March quarter was 10.4%.Revenues at the International Package division summed $4,607 million, up 36.2% on the back of strong demand from Asia and Europe. Average daily volumes rose 23.1%, led by export growth from all regions. Segmental operating profit (adjusted) totaled $1,091 million in the reported quarter, up 95.6%.Supply Chain and Freight revenues jumped 34.3% to $4,291 million, aided by demand strength in all businesses. Operating profits (on an adjusted basis) soared more than 100% to $395 million in the March quarter.OutlookDue to the coronavirus-led uncertainty, the company, currently carrying a Zacks Rank #3 (Hold), did not provide a 2021 guidance for either revenues or earnings per share. However, the previously announced current-year projection for capital allocation was retained by UPS. Capital expenditures are expected at around $4 billion. Effective tax rate is predicted to be 23.5%. Moreover, UPS has no plans to buy back shares in 2021. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Sectorial SnapshotsWithin the broader Transportation sector, Delta Air Lines DAL, J.B. Hunt Transport Services JBHT and Kansas City Southern KSU recently reported first-quarter 2021 results.Delta incurred a loss (excluding $1.70 from non-recurring items) of $3.55 per share, wider than the Zacks Consensus Estimate of a loss of $3.08. However, total revenues of $4,150 million topped the Zacks Consensus Estimate of $3,821.3 million.J.B. Hunt reported earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.18. Total operating revenues of $2,618.1 million also surpassed the Zacks Consensus Estimate of $2,486.9 million.Kansas City Southern reported earnings (excluding 23 cents from non-recurring items) of $1.91 per share, missing the Zacks Consensus Estimate of $2. Moreover, quarterly revenues of $706 million lagged the Zacks Consensus Estimate of $714.3 million.Time to Invest in Legal MarijuanaIf you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kansas City Southern (KSU): Free Stock Analysis Report United Parcel Service, Inc. (UPS): Free Stock Analysis Report Delta Air Lines, Inc. (DAL): Free Stock Analysis Report J.B. Hunt Transport Services, Inc. (JBHT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research