Package and freight forwarder UPS had a strong fourth quarter for revenues, with an 11% year-on-year growth beating global peer Nippon Express (9%) and analysts’ forecasts by 4%. That was driven by a 21% surge in global supply chain and freight volumes, in part due to strong U.S. seaborne volumes seen early in the quarter. ​​​​​​​Yet, the competition for volumes combined with a lack of capacity during the pre-holiday shipping season meant profitability disappointed. UPS’s EBITDA margin of 15.3% was down from 16.5% a year earlier and was below the 16.3% expected by analysts. One of our co...