UPS (NYSE:UPS) announces a 5.3 percent drop in Q1 2024 revenue, citing lower operating profit.
UPS disclosed its first-quarter 2024 earnings, revealing consolidated revenues of $21.7 billion, down 5.3 percent from the previous year. Operating profit plummeted by 36.5 percent to $1.6 billion, with adjusted figures showing a 31.5 percent decline. Diluted earnings per share (EPS) stood at $1.30, while adjusted diluted EPS was $1.43, marking a 35.0 percent decrease from last year.
The results included charges totaling $110 million, affecting the bottom line. Despite challenges, CEO Carol Tomé expressed gratitude to UPS employees and remained optimistic about future growth prospects. The company reaffirmed its full-year financial targets for 2024, expecting consolidated revenue to range from $92.0 billion to $94.5 billion, with an adjusted operating margin between 10.0 percent and 10.6 percent.
