Summary by Moomoo AI
UPS reported Q2 2024 consolidated revenues of $21.8B, down 1.1% YoY. Consolidated operating profit fell 30.1% to $1.9B, with adjusted operating margin at 9.5%. Diluted EPS was $1.65, while adjusted EPS of $1.79 declined 29.5% YoY.U.S. Domestic segment revenue decreased 1.9% due to lower revenue per piece, while International segment revenue fell 1.0% on reduced volume. Supply Chain Solutions revenue grew 2.6%, driven by logistics growth. The company updated its 2024 outlook, now expecting consolidated revenue of approximately $93B and adjusted operating margin of about 9.4%.UPS announced the restart of its share repurchase program, targeting $1B annually. The company also settled an international regulatory matter with a one-time payment of $94M. Despite the profit decline, CEO Carol Tomé highlighted a return to volume growth in the U.S. for the first time in nine quarters.
