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UPS $UPS Q2 2024 Results

by Team Lumida
July 24, 2024
in Equities
Reading Time: 2 mins read
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UPS $UPS Q2 2024 Results
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Key Takeaways:

  • EPS missed by 10.1%
  • Revenue missed by 2.0%
  • Total revenue: $21.8B, down 1.2% YoY, flat QoQ
  • Stock price down nearly 13% after earnings call
  • US domestic volume returned to positive growth, up 0.7% YoY
  • International segment saw volume growth in 11 of top 20 export countries
  • Company updated full-year guidance: revenue ~$93B, operating margin ~9.4%
  • Fit-to-serve initiative on track to deliver ~$1B in savings by year-end
  • UPS plans to repurchase ~$500M in shares in 2024

Forward-Looking Statements and Insights:

Carol Tome, CEO: “We expect to exit the final month of 2024 with a US operating margin of 10%, which creates a solid footing as we drive the US business to a longer-term operating margin target of 12%.”

Brian Dykes, CFO: “We do expect our RPP growth to moderate in the back half. And actually, as we move from kind of the negative 2.6% that we are at to almost approach breakeven as we get towards the end of the year.”

Tags: $UPSEARNINGSUPS
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