United Parcel Service posted third-quarter results that handily beat Wall Street’s expectations and gave details about its turnaround efforts, including approximately 48,000 job cuts.

Shares rose more than 7% in afternoon trading on Tuesday.

UPS earned $1.31 billion, or $1.55 per share, for the three months ended Sept. 30. The Atlanta-based company earned $1.99 billion, or $1.80 per share, a year earlier. Removing one-time costs, earnings were $1.74 per share.

That easily topped the $1.31 per share that analyst polled by Zacks Investment Research were calling for.

Revenue totaled $21.42 billion, surpassing Wall Street’s estimate of $20.84 billion.

UPS said in a regulatory filing that it has cut about 34,000 operational positions and closed daily operations at 93 leased and owned buildings during the first nine months of this year as part of its turnaround plan. The company also announced approximately 14,000 job cuts, mostly within management. It said that it is still looking to identify additional buildings to close.

In April UPS announced that it was looking to slash about 20,000 jobs and close more than 70 facilities as it drastically reduces the number of Amazon shipments it handles. At the time, the company said that it anticipated closing 73 leased and owned buildings by the end of June. The company noted that it was still reviewing its network and might identify more buildings to be shuttered.