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A person walks into a UPS (United Parcel Service) customer center on April 1, 2024 in Los Angeles, California.  Mario Tama | Getty Images United Parcel Service on Tuesday reported profit and revenue for the second quarter that came in below expectations and cut its 2024 revenue guidance. The company’s shares were down 9% in premarket trading. UPS now expects 2024 revenue to be approximately $93 billion, revised from a previous forecast for as much as $94.5 billion. Full-year capital expenditures, however, are now expected at around $4 billion, rather than the previous $4.5 billion. The company also announced it’s targeting around $500 million in share repurchases in 2024. UPS noted that the guidance does not include the impacts of the recently announced sale of its trucking business Coyote Logistics to RXO Logistics. The transaction is expected to close by the end of the year, UPS said in a previous press release. The company also recently entered into an agreement to acquire Mexican express delivery company Estafeta, as it continues to expand its international presence. Here’s how the shipping giant did in the quarter ended June 30 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: $1.79 cents adjusted vs. $1.99 expected Revenue: $21.8 billion vs. $22.18 billion expected The company’s reported net income for the quarter was $1.41 billion, or $1.65 cents per share, compared with $2.08 billion, or $2.42 per share, a year earlier. Adjusting for the impact of settling an “international regulatory matter,” UPS posted earnings of $1.79 per share. The company reported operating profit of $1.94 billion, down from $2.78 billion a year earlier. “This quarter was a significant turning point for our company as we returned to volume growth in the U.S., the first time in nine…

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Filed under: News - @ July 23, 2024 2:20 pm