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UPS Releases 1Q 2024 Earnings

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UPS reported 1Q 2024 consolidated revenues of $21.7B, a 5.3% decrease from 1Q 2023. Operating profit decreased by 36.5%, with diluted EPS at $1.30. The company reaffirmed its full-year 2024 financial guidance with consolidated revenue expected to range from $92.0B to $94.5B and adjusted operating margin between 10.0% to 10.6%.
UPS ha riportato entrate consolidate per il primo trimestre del 2024 pari a 21,7 miliardi di dollari, con una diminuzione del 5,3% rispetto al primo trimestre del 2023. Il profitto operativo è diminuito del 36,5%, con un EPS diluito a 1,30 dollari. La compagnia ha confermato le previsioni finanziarie per l'intero anno 2024, con entrate consolidate previste tra 92,0 miliardi e 94,5 miliardi di dollari e un margine operativo rettificato tra il 10,0% e il 10,6%.
UPS reportó ingresos consolidados de $21.7B para el primer trimestre de 2024, una disminución del 5.3% en comparación con el primer trimestre de 2023. La ganancia operativa disminuyó en un 36.5%, con un EPS diluido de $1.30. La empresa reafirmó su guía financiera anual para 2024, esperando ingresos consolidados que oscilan entre $92.0B y $94.5B y un margen operativo ajustado del 10.0% al 10.6%.
UPS는 2024년 1분기에 217억 달러의 통합 수익을 보고했으며, 이는 2023년 1분기에 비해 5.3% 감소한 수치입니다. 운영 이익은 36.5% 감소했으며 희석된 주당 수익은 1.30달러였습니다. 회사는 2024년 전체 해에 대한 재무 예측을 재확인하였으며, 통합 수익은 920억 달러에서 945억 달러 사이를 전망하고 조정된 운영 마진은 10.0%에서 10.6% 사이일 것으로 예상됩니다.
UPS a rapporté des revenus consolidés de 21,7 milliards de dollars pour le premier trimestre 2024, une baisse de 5,3% par rapport au premier trimestre 2023. Le bénéfice d'exploitation a diminué de 36,5%, avec un BPA dilué à 1,30 dollar. La société a réaffirmé ses prévisions financières pour l'année complète 2024, avec des revenus consolidés attendus entre 92,0 milliards et 94,5 milliards de dollars et une marge opérationnelle ajustée entre 10,0% et 10,6%.
UPS meldete für das erste Quartal 2024 konsolidierte Einnahmen von 21,7 Milliarden Dollar, ein Rückgang um 5,3% gegenüber dem ersten Quartal 2023. Der Betriebsgewinn sank um 36,5% und der verwässerte Gewinn pro Aktie betrug 1,30 Dollar. Das Unternehmen bestätigte seine Finanzausblick für das gesamte Jahr 2024 mit erwarteten konsolidierten Einnahmen zwischen 92,0 Milliarden und 94,5 Milliarden Dollar und einer angepassten Betriebsmarge von 10,0% bis 10,6%.
Positive
  • Consolidated revenues decreased by 5.3% to $21.7B compared to the previous year.
  • Operating profit decreased by 36.5% to $1.6B.
  • Diluted EPS were $1.30, with adjusted diluted EPS at $1.43, a 35.0% decrease from 1Q 2023.
  • The company reaffirmed its full-year 2024 financial guidance with consolidated revenue expected to range from approximately $92.0B to $94.5B.
  • Consolidated adjusted operating margin is projected to range from approximately 10.0% to 10.6%.
  • Revenue across segments saw declines, with the U.S. Domestic Segment revenue down by 5.0% and the International Segment revenue down by 6.3%.
  • Operating profit for Supply Chain Solutions decreased by 41.8% to $132M.
  • UPS incurred charges of $110M in 1Q 2024, impacting diluted EPS.
  • CEO Carol Tomé highlighted the company's performance and expressed optimism for future growth.
  • The company's outlook includes a focus on returning to volume and revenue growth.
  • A conference call discussing the results is scheduled for April 23, 2024, at 8:30 a.m. ET.
Negative
  • Consolidated revenues declined by 5.3% compared to the previous year.
  • Operating profit saw a significant decrease of 36.5%.
  • Diluted EPS dropped by 40.9% from 1Q 2023.
  • Revenue for the U.S. Domestic Segment decreased by 5.0%.
  • Operating profit for the International Segment decreased by 3.1%.
  • Supply Chain Solutions operating profit declined by 41.8%.
  • Charges of $110M impacted the company's 1Q 2024 financials.
  • The company's financial performance was below expectations.
  • Market rate declines in forwarding affected Supply Chain Solutions revenue.
  • GAAP results include charges related to the consolidation of acquired brands within the healthcare portfolio.

UPS's reported decline in consolidated revenues by 5.3% to $21.7 billion from $22.9 billion year-over-year indicates a contraction in business operations, possibly due to decreased demand or increased competition. The significant drop of 36.5% in consolidated operating profit suggests cost pressures or inefficiencies that have impacted the bottom line more than the top line. Investors should consider the potential for continued volume pressures, as noted by a decrease in average daily volume across segments and the possible need for UPS to adapt its strategy in response to evolving market conditions. The reaffirmation of full-year financial guidance might reflect management's confidence in operational improvements or cost management to come, but this position should be monitored closely for changes reflecting real-world dynamics.

The decrease in operating margins and average daily volumes in both the U.S. Domestic and International Segments offers insight into the challenges UPS faces in a potentially cooling global economy. The 5.8% to 6.3% decline in revenues in these segments may be indicative of broader industry trends such as reduced international trade volumes or consumer spending shifts. Investors should consider the broader macroeconomic context when evaluating UPS's performance, including trade policies, consumer confidence and global economic indicators that could influence package delivery volumes.

The inclusion of a non-cash impairment charge related to the consolidation of acquired brands signals a strategic pivot in UPS's healthcare portfolio. This demonstrates an ongoing process of optimizing operations but also introduces an element of risk tied to the successful integration and realization of anticipated synergies. Investors should weigh the potential long-term benefits of streamlined operations against the short-term financial impacts and execution risks. Additionally, the reliance on adjusted (non-GAAP) metrics necessitates scrutiny, as these figures exclude costs that could materially impact the financial health of the company over time.
  • Consolidated Revenues of $21.7B, Compared to $22.9B Last Year
  • Consolidated Operating Margin of 7.4%; Adjusted* Consolidated Operating Margin of 8.0%
  • Diluted EPS of $1.30; Adj. Diluted EPS of $1.43, Compared to $2.20 Last Year
  • Reaffirms Full-Year 2024 Financial Guidance

ATLANTA--(BUSINESS WIRE)-- UPS (NYSE:UPS) today announced first-quarter 2024 consolidated revenues of $21.7 billion, a 5.3% decrease from the first quarter of 2023. Consolidated operating profit was $1.6 billion, down 36.5% compared to the first quarter of 2023, and down 31.5% on an adjusted basis. Diluted earnings per share were $1.30 for the quarter; adjusted diluted earnings per share of $1.43 were 35.0% below the same period in 2023.

For the first quarter of 2024, GAAP results include a total charge of $110 million, or $0.13 per diluted share, comprised of after-tax transformation and other charges of $75 million and a non-cash, after-tax impairment charge of $35 million, driven by plans to consolidate certain acquired brands within the company’s healthcare portfolio.

“I want to thank all UPSers for their hard work and efforts,” said Carol Tomé, UPS chief executive officer. “Our financial performance in the first quarter was in line with our expectations, and average daily volume in the U.S. showed improvement through the quarter. Looking ahead, we expect to return to volume and revenue growth.”

U.S. Domestic Segment

 

 

1Q 2024

Adjusted
1Q 2024

 

1Q 2023

Adjusted
1Q 2023

Revenue

$14,234 M

 

$14,987 M

 

Operating profit

$825 M

$839 M

$1,466 M

$1,488 M

  • Revenue decreased 5.0%, driven by a 3.2% decrease in average daily volume.
  • Operating margin was 5.8%; adjusted operating margin was 5.9%.

International Segment

 

 

1Q 2024

Adjusted
1Q 2024

 

1Q 2023

Adjusted
1Q 2023

Revenue

$4,256 M

 

$4,543 M

 

Operating profit

$656 M

$682 M

$828 M

$806 M

  • Revenue decreased 6.3%, driven by a 5.8% decrease in average daily volume.
  • Operating margin was 15.4%; adjusted operating margin was 16.0%.

Supply Chain Solutions1

 

 

1Q 2024

Adjusted
1Q 2024

 

1Q 2023

Adjusted
1Q 2023

Revenue

$3,216 M

 

$3,395 M

 

Operating profit

$132 M

$226 M

$247 M

$258 M

1 Consists of operating segments that do not meet the criteria of a reportable segment under ASC Topic 280 – Segment Reporting.

  • Revenue decreased 5.3% primarily due to market rate declines in forwarding.
  • Operating margin was 4.1%; adjusted operating margin was 7.0%.

2024 Outlook

The company provides certain guidance on an adjusted (non-GAAP) basis because it is not possible to predict or provide a reconciliation reflecting the impact of future pension adjustments or other unanticipated events, which would be included in reported (GAAP) results and could be material.

For 2024, UPS reaffirms its full-year, consolidated financial targets:

  • Consolidated revenue to range from approximately $92.0 billion to $94.5 billion
  • Consolidated adjusted operating margin to range from approximately 10.0% to 10.6%
  • Capital expenditures of approximately $4.5 billion

* “Adjusted” or “Adj.” amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial measures, including a reconciliation to the most closely correlated GAAP measure.

Conference Call Information

UPS CEO Carol Tomé and CFO Brian Newman will discuss first-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, April 23, 2024. That call will be open to others through a live Webcast. To access the call, go to www.investors.ups.com and click on “Earnings Conference Call.” Additional financial information is included in the detailed financial schedules being posted on www.investors.ups.com under “Quarterly Earnings and Financials” and as furnished to the SEC as an exhibit to our Current Report on Form 8-K.

About UPS

UPS (NYSE: UPS) is one of the world’s largest companies, with 2023 revenue of $91.0 billion, and provides a broad range of integrated logistics solutions for customers in more than 200 countries and territories. Focused on its purpose statement, “Moving our world forward by delivering what matters,” the company’s approximately 500,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. UPS also takes an unwavering stance in support of diversity, equity and inclusion. More information can be found at www.ups.com, www.about.ups.com and www.investors.ups.com.

Forward-Looking Statements

This release, our Annual Report on Form 10-K for the year ended December 31, 2023 and our other filings with the Securities and Exchange Commission contain and in the future may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than those of current or historical fact, and all statements accompanied by terms such as “will,” “believe,” “project,” “expect,” “estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and similar terms, are intended to be forward-looking statements. Forward-looking statements are made subject to the safe harbor provisions of the federal securities laws pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

From time to time, we also include written or oral forward-looking statements in other publicly disclosed materials. Forward-looking statements may relate to our intent, belief, forecasts of, or current expectations about our strategic direction, prospects, future results, or future events; they do not relate strictly to historical or current facts. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any forward-looking statements because such statements speak only as of the date when made and the future, by its very nature, cannot be predicted with certainty.

Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties include, but are not limited to: changes in general economic conditions in the U.S. or internationally; significant competition on a local, regional, national and international basis; changes in our relationships with our significant customers; our ability to attract and retain qualified employees; strikes, work stoppages or slowdowns by our employees; increased or more complex physical or operational security requirements; a significant cybersecurity incident, or increased data protection regulations; our ability to maintain our brand image and corporate reputation; impacts from global climate change; interruptions in or impacts on our business from natural or man-made events or disasters including terrorist attacks, epidemics or pandemics; exposure to changing economic, political, regulatory and social developments in international and emerging markets; our ability to realize the anticipated benefits from acquisitions, dispositions, joint ventures or strategic alliances; the effects of changing prices of energy, including gasoline, diesel, jet fuel, other fuels and interruptions in supplies of these commodities; changes in exchange rates or interest rates; our ability to accurately forecast our future capital investment needs; increases in our expenses or funding obligations relating to employee health, retiree health and/or pension benefits; our ability to manage insurance and claims expenses; changes in business strategy, government regulations or economic or market conditions that may result in impairments of our assets; potential additional U.S. or international tax liabilities; potential claims or litigation related to labor and employment, personal injury, property damage, business practices, environmental liability and other matters; and other risks discussed in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2023, and subsequently filed reports. You should consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of predictions contained in such forward-looking statements. We do not undertake any obligation to update forward-looking statements to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements, except as required by law.

From time to time, we expect to participate in analyst and investor conferences. Materials provided or displayed at those conferences, such as slides and presentations, may be posted on our investor relations website at www.investors.ups.com under the heading "Presentations" when made available. These presentations may contain new material nonpublic information about our company and you are encouraged to monitor this site for any new posts, as we may use this mechanism as a public announcement.

Reconciliation of GAAP and Non-GAAP Financial Measures

We supplement the reporting of our financial information determined under generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures.

Adjusted financial measures should be considered in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. Our adjusted financial measures do not represent a comprehensive basis of accounting and therefore may not be comparable to similarly titled measures reported by other companies.

Forward-Looking Non-GAAP Metrics

From time to time when presenting forward-looking non-GAAP metrics, we are unable to provide quantitative reconciliations to the most closely correlated GAAP measure due to the uncertainty in the timing, amount or nature of any adjustments, which could be material in any period.

Incentive Compensation Program Design Changes

During 2022, we completed certain structural changes to the design of our incentive compensation programs that resulted in a one-time, non-cash charge in connection with the accelerated vesting of certain equity incentive awards that we do not expect to repeat. We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of these changes. We believe excluding the impacts of such changes allows users of our financial statements to more appropriately identify underlying growth trends in compensation and benefits expense.

Long-lived Asset Estimated Residual Value Changes

During the fourth quarter of 2022, we incurred a one-time, non-cash charge resulting from a reduction in the estimated residual value of our MD-11 fleet. We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of this charge. We believe excluding the impact of this charge better enables users of our financial statements to understand the ongoing cost associated with our long-lived assets.

Transformation and Other Costs, and Asset Impairment Charges

We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of charges related to transformation activities, asset impairments and other charges. We believe excluding the impact of these charges better enables users of our financial statements to view and evaluate underlying business performance from the perspective of management. We do not consider these costs when evaluating the operating performance of our business units, making decisions to allocate resources or in determining incentive compensation awards.

One-Time Compensation Payment

We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of a one-time payment made to certain U.S.-based, non-union part-time supervisors following the ratification of our labor agreement with the Teamsters. We do not expect this or similar payments to recur. We believe excluding the impact of this one-time payment better enables users of our financial statements to view and evaluate underlying business performance from the same perspective as management.

Defined Benefit Pension and Postretirement Medical Plan Gains and Losses

We recognize changes in the fair value of plan assets and net actuarial gains and losses in excess of a 10% corridor (defined as 10% of the greater of the fair value of plan assets or the plan's projected benefit obligation), as well as gains and losses resulting from plan curtailments and settlements, for our pension and postretirement defined benefit plans immediately as part of Investment income (expense) and other in the statements of consolidated income. We supplement the presentation of our income before income taxes, net income and earnings per share with adjusted measures that exclude the impact of these gains and losses and the related income tax effects. We believe excluding these defined benefit pension and postretirement plan gains and losses provides important supplemental information by removing the volatility associated with plan amendments and short-term changes in market interest rates, equity values and similar factors.

Free Cash Flow

We calculate free cash flow as cash flows from operating activities less capital expenditures, proceeds from disposals of property, plant and equipment, and plus or minus the net changes in other investing activities. We believe free cash flow is an important indicator of how much cash is generated by our ongoing business operations and we use this as a measure of incremental cash available to invest in our business, meet our debt obligations and return cash to shareowners.

Adjusted Return on Invested Capital

Adjusted ROIC is calculated as the trailing twelve months (“TTM”) of adjusted operating income divided by the average of total debt, non-current pension and postretirement benefit obligations and shareowners’ equity, at the current period end and the corresponding period end of the prior year. Because adjusted ROIC is not a measure defined by GAAP, we calculate it, in part, using non-GAAP financial measures that we believe are most indicative of our ongoing business performance. We consider adjusted ROIC to be a useful measure for evaluating the effectiveness and efficiency of our long-term capital investments.

Adjusted Total Debt / Adjusted EBITDA

Adjusted total debt is defined as our long-term debt and finance leases, including current maturities, plus non-current pension and postretirement benefit obligations. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for the impacts of incentive compensation program redesign, one-time compensation, goodwill & asset impairment charges, transformation and other costs, defined benefit plan gains and losses and other income. We believe the ratio of adjusted total debt to adjusted EBITDA is an important indicator of our financial strength, and is a ratio used by third parties when evaluating the level of our indebtedness.

Reconciliation of GAAP and Non-GAAP Income Statement Items

(in millions, except per share data):

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

As Reported
(GAAP)

 

Asset
Impairment
Charges(1)

 

Transformation
& Other Adj.(2)

 

As Adjusted
(Non-GAAP)

U.S. Domestic Package

$

13,409

 

 

$

5

 

$

9

 

$

13,395

 

International Package

 

3,600

 

 

 

2

 

 

24

 

 

3,574

 

Supply Chain Solutions

 

3,084

 

 

 

41

 

 

53

 

 

2,990

 

Operating Expense

 

20,093

 

 

 

48

 

 

86

 

 

19,959

 

 

 

 

 

 

 

 

 

U.S. Domestic Package

 

825

 

 

 

5

 

 

9

 

 

839

 

International Package

 

656

 

 

 

2

 

 

24

 

 

682

 

Supply Chain Solutions

 

132

 

 

 

41

 

 

53

 

 

226

 

Operating Profit

 

1,613

 

 

 

48

 

 

86

 

 

1,747

 

 

 

 

 

 

 

 

 

Other Income and (Expense):

 

 

 

 

 

 

 

Other pension income (expense)

 

67

 

 

 

 

 

 

 

67

 

Investment income (expense) and other

 

51

 

 

 

 

 

 

 

51

 

Interest expense

 

(195

)

 

 

 

 

 

 

(195

)

Total Other Income (Expense)

 

(77

)

 

 

 

 

 

 

(77

)

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

1,536

 

 

 

48

 

 

86

 

 

1,670

 

Income Tax Expense

 

423

 

 

 

13

 

 

11

 

 

447

 

Net Income

$

1,113

 

 

$

35

 

$

75

 

$

1,223

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

$

1.30

 

 

$

0.04

 

$

0.09

 

$

1.43

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

$

1.30

 

 

$

0.04

 

$

0.09

 

$

1.43

 

 

 

 

 

 

 

 

 

(1) Reflects impairment charges of $41 million for acquired trade names within Supply Chain Solutions and $7 million for software licenses.

(2) Reflects other employee benefits costs of $31 million and $55 million of other costs, including a one-time expense related to a regulatory matter.

Reconciliation of Free Cash Flow (Non-GAAP measure)

(in millions):

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

Cash flows from operating activities

 

$

3,316

 

Capital expenditures

 

 

(1,035

)

Proceeds from disposals of property, plant and equipment

 

 

13

 

Other investing activities

 

 

(14

)

Free Cash Flow (Non-GAAP measure)

 

$

2,280

 

Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)

(in millions):

 

 

 

 

 

 

 

TTM(1) Ended

 

 

 

March 31,

 

 

 

 

2024

 

Net income

 

 

$

5,926

 

Add back:

 

 

 

Income tax expense

 

 

 

1,661

 

Interest expense

 

 

 

794

 

Depreciation & amortization

 

 

 

3,430

 

EBITDA

 

 

$

11,811

 

Add back (deduct):

 

 

 

Incentive compensation program redesign

 

 

 

 

One-time compensation

 

 

 

61

 

Asset impairment charges

 

 

 

276

 

Transformation and other

 

 

 

518

 

Defined benefit plan (gains) and losses

 

 

 

359

 

Investment income and other pension income

 

 

 

(527

)

Adjusted EBITDA

 

 

$

12,498

 

 

 

 

 

Debt and finance leases, including current maturities

 

 

$

20,013

 

Add back:

 

 

 

Non-current pension and postretirement benefit obligations

 

 

 

6,323

 

Adjusted total debt

 

 

$

26,336

 

 

 

 

 

Adjusted total debt/Net income

 

 

 

4.44

 

 

 

 

 

Adjusted total debt/adjusted EBITDA (Non-GAAP)

 

 

 

2.11

 

 

(1) Trailing twelve months.

Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure)

(in millions):

 

 

 

 

 

TTM(1) Ended

 

 

March 31,

 

 

 

2024

 

Net income

 

$

5,926

 

Add back (deduct):

 

 

Income tax expense

 

 

1,661

 

Interest expense

 

 

794

 

Other pension (income) expense

 

 

94

 

Investment (income) expense and other

 

 

(262

)

Operating profit

 

$

8,213

 

Incentive compensation program redesign

 

 

 

Long-lived asset estimated residual value changes

 

 

 

One-time compensation

 

 

61

 

Asset impairment charges

 

 

276

 

Transformation and other

 

 

518

 

Adjusted operating profit

 

$

9,068

 

 

 

 

Average debt and finance leases, including current maturities

 

 

21,101

 

Average pension and postretirement benefit obligations

 

 

5,463

 

Average shareowners' equity

 

 

18,493

 

Average invested capital

 

$

45,057

 

 

 

 

Net income to average invested capital

 

 

13.2

%

 

 

 

Adjusted Return on Invested Capital (Non-GAAP)

 

 

20.1

%

 

(1) Trailing twelve months.

 

UPS Media Relations: 404-828-7123 or pr@ups.com

UPS Investor Relations: 404-828-6059 (option 4) or investor@ups.com

Source: UPS

FAQ

What were UPS's 1Q 2024 consolidated revenues?

UPS reported consolidated revenues of $21.7 billion in 1Q 2024, a 5.3% decrease from the previous year.

What was the operating profit for UPS in 1Q 2024?

UPS's operating profit in 1Q 2024 was $1.6 billion, down 36.5% compared to the same period in 2023.

What was the diluted EPS for UPS in 1Q 2024?

UPS reported diluted EPS of $1.30 in 1Q 2024, with adjusted diluted EPS at $1.43, a 35.0% decrease from the previous year.

What is UPS's full-year 2024 financial guidance for consolidated revenue?

UPS reaffirmed its full-year 2024 financial guidance with consolidated revenue expected to range from approximately $92.0 billion to $94.5 billion.

What is the projected range for UPS's consolidated adjusted operating margin in 2024?

UPS projects its consolidated adjusted operating margin to range from approximately 10.0% to 10.6% in 2024.

What caused the revenue decline in UPS's U.S. Domestic Segment in 1Q 2024?

The U.S. Domestic Segment's revenue decline in 1Q 2024 was driven by a 3.2% decrease in average daily volume.

United Parcel Service, Inc.

NYSE:UPS

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ATLANTA

About UPS

United Parcel Service is an American multinational shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has grown to become a Fortune 500 company and one of the worlds largest shipping couriers.