Summary by Moomoo AI
United Parcel Service (UPS) disclosed its transformation strategy costs for Q3 and the first nine months of 2024. In Q3 2024, total transformation costs rose to $154 million, up from $94 million in Q3 2023. Compensation and benefits accounted for $110 million, while other expenses were $44 million.For the nine-month period ending September 30, 2024, UPS reported total transformation strategy costs of $227 million, slightly lower than the $236 million recorded in the same period of 2023. The after-tax impact of these costs for Q3 2024 was $116 million, compared to $70 million in Q3 2023.UPS calculates the income tax effects of transformation strategy costs by applying statutory tax rates to the expenses in each tax jurisdiction. The company's ongoing transformation efforts reflect its commitment to operational efficiency and long-term competitiveness in the rapidly evolving logistics industry.
