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UPS’ consolidated revenues for the second quarter of 2024 reached $21.8 billion, down 1.1% compared to the same period last year
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Consolidated operating profit of $1.9 billion plunged 30.1%
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The US domestic segment returned to volume growth for the first time in nine quarters, said UPS CEO Carol Tomé
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Supply Chain Solutions segment revenue increased 2.6% due primarily to growth in logistics, including healthcare
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The company adjusted its consolidated financial targets for the full year
UPS’s consolidated revenues for the second quarter of 2024 reached $21.8 billion, sliding 1.1% year-on-year, the company said in a statement.
Consolidated operating profit plunged 30.1% to $1.9 billion, down 29.3% on an adjusted basis.
Diluted earnings per share for the quarter were at $1.65, and $1.79 on an adjusted basis, 29.5% below the same period in 2023.
The US domestic segment returned to volume growth for the first time in nine quarters, despite a revenue decrease of 1.9% to $14.1 billion in the second quarter, driven by a 2.6% decrease in revenue per piece due primarily to changes in product mix.
“I want to thank all UPSers for their hard work and efforts in the second quarter,” said Carol Tomé, UPS chief executive officer. “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.”
In other UPS segments, revenue from International decreased 1% to $4.4 billion, driven primarily by a 2.9% decrease in average daily volume. Supply Chain Solutions segment revenue increased 2.6% to $3.3 billion due primarily to growth in logistics, including healthcare.
UPS adjusted its consolidated financial targets for 2024 as follows:
- Approximately $93 billion expected consolidated revenue
- Approximately 9.4% expected consolidated adjusted operating margin
- Approximately $4 billion in capital expenditures
- Around $500 million in share repurchases
