UPS announced its 2024 first quarter financial results

UPS announced its 2024 first quarter financial results

UPS (NYSE: UPS) announced its 2024 first quarter financial figures. The company achieved consolidated revenue of 21.7 Billion Dollars, a decrease of 5.3% compared to the same period last year. Consolidated Operating Profit, which decreased by 36.5% compared to the first quarter of 2023 to 1.6 Billion Dollars, decreased by 31.5% on an adjusted basis.In the first quarter, Diluted Earnings per Share was $1.30 and Adjusted Diluted Earnings per Share was $1.43, a decrease of 35% compared to the same period last year.

Generally accepted accounting results (GAAP) for the first quarter of 2024 include an after-tax conversion fee and other expenses of $75 Million and Diluted Earnings Per Share of $0.13.

“I would like to thank all UPS employees for their hard work and efforts,” said Carol Tomé, UPS Chief Executive Officer. In the first quarter, our financial performance was in line with our expectations, and average daily volume in the U.S. improved throughout the quarter. “Looking ahead, we expect to return to volume and revenue growth.” said.

ABD Yurt İçi Segment

 1st Quarter 2024Adjusted 1st Quarter 20242023 1st QuarterAdjusted 2023 Q1
Income$14,234 Million $14,987 Million 
Operating profit$825 Million$839 Million$1.466 Million$1.488 Million
  • Revenue decreased 5.0%, driven by a 3.2% decrease in average daily volume.
  • Operating profit 5.8%; Adjusted operating profit was 5.9%.

International Segment

 1st Quarter 2024Adjusted 1st Quarter 20242023 1st QuarterAdjusted 2023 Q1
Income$4.256 Million $4.543 Million 
Operating profit$656 Million$682 Million$828 Million$806 Million
  • Revenue decreased by 6.3%, driven by a 5.8% decrease in average daily volume.
  • Operating profit 15.4%; adjusted operating profit was 16.0%.

Supply Chain Solutions

1st Quarter 2024Adjusted 1st Quarter 20242023 1st QuarterAdjusted 2023 Q1
Income$3.216 Million $3.395 Million 
Operating profit$132 Million $226 Million$247 Million$258 Million
  • Revenue decreased 5.3% due to market rate declines in the transportation industry.
  • Operating profit 4.1%; adjusted operating profit was 7.0%.

2024 Overview

UPS provides updated guidance (non-GAAP) because it is not possible to predict or provide a reconciliation that reflects future rate revisions or the impact of unanticipated events that may be material and included in reported results.

2024 financial goals:

  • Consolidated Revenue of Approximately $92.0 Billion – $94.5 Billion
  • Adjusted Consolidated Operating Margin of approximately 10.0% – 10.6%
  • Approximately $4.5 Billion Capital Expenditure
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