The United Parcel Service Inc. (UPS) reported on Tuesday that its revenue for the second quarter of 2024 fell by 1.1% compared to the same period in 2023, landing at $21.8 billion, missing expectations. Operating profit dropped 30.1% year-on-year to $1.9 billion, while diluted earnings per share plunged 29.5% to $1.65. The company updated its 2024 guidance, expecting revenue of approximately $93.0 billion, an adjusted operating margin of 9.4%, and capital expenditures of around $4.0 billion.
"This quarter was a significant turning point for our company as we returned to volume growth in the U.S., the first time in nine quarters. As expected, our operating profit declined in the first half of 2024 from what we reported last year. Going forward we expect to return to operating profit growth," CEO Carol Tome said.
UPS shares plunged 6.46% in premarket trade after the release of the report, selling at $135.8 apiece.
