UPS releases Q3 2024 earnings

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Diluted EPS of $1.76, Compared to $1.57 Last Year • Updates 2024 Financial Guidance ATLANTA – October 24, 2024 – UPS (NYSE:UPS) today announced third-quarter 2024 consolidated revenues of $22.2 billion, a 5.6% increase from the third quarter of 2023. 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href="https://theloadstar.com/ls_press_release/ups-releases-q3-2024-earnings/" title="UPS releases Q3 2024 earnings">UPS releases Q3 2024 earnings</a></h1> </div> </section> <section class="sharing"> <div class="container pad"> <ul> <li><a href="https://theloadstar.com/ls_press_release/ups-releases-q3-2024-earnings/"><span class="sharing-facebook" title="Share on Facebook"></span></a></li> <li><a href="https://theloadstar.com/ls_press_release/ups-releases-q3-2024-earnings/"><span class="sharing-linkedin" title="Share on LinkedIn"></span></a></li> <li><a href="https://theloadstar.com/ls_press_release/ups-releases-q3-2024-earnings/"><span class="sharing-email" title="Share by Email"></span></a></li> <li><a href="https://theloadstar.com/ls_press_release/ups-releases-q3-2024-earnings/"><span class="sharing-whatsapp" title="Share on WhatsApp"></span></a></li> </ul> </div> </section> <section class=""> <div class="container" style="padding: 0 10px;"> <div class="col10 centered image-centered"> <div class="ad-box"><div class="ad-middle"><div style="float: left;margin: 1.0em 0.2em 1em 0;"><a href="/premium-deskone"><img src="https://theloadstar.com/wp-content/themes/november/img/logo_deskone1_ticker.gif" style="width: 100px;"></a></div><div class="wrapper deskone_ticker_wrapper" style="min-width: 50%;"><div class="marquee" style="margin-top: 0px;"><p style="margin: 1em 0;"><a href="/premium-deskone">WMT: POCKETING ON STRENGTH</a><a href="/premium-deskone">GXO: CUTTNG LOSSES</a><a href="/premium-deskone">AMZN: FRAUD INVESTIGATION</a><a href="/premium-deskone">FDX: UNCHANGED PAYOUT</a><a href="/premium-deskone">HON: STEADY YIELD</a><a href="/premium-deskone">GXO: WORST PERFORMER </a><a href="/premium-deskone">WMT: NEW STUNNING RECORD </a><a href="/premium-deskone">KNIN: BOUNCING OFF </a><a href="/premium-deskone">MAERSK: STILL BEARISH</a><a href="/premium-deskone">KNX: YIELD BOOST</a><a href="/premium-deskone">WTC: TURKISH CARGO WIN</a><a href="/premium-deskone">GXO: HAMMERED</a><a href="/premium-deskone">WMT: DEFENSIVE</a><a href="/premium-deskone">AAPL: AI DRIVE</a></p><p style="margin: 1em 0;"><a href="/premium-deskone">WMT: POCKETING ON STRENGTH</a><a href="/premium-deskone">GXO: CUTTNG LOSSES</a><a href="/premium-deskone">AMZN: FRAUD INVESTIGATION</a><a href="/premium-deskone">FDX: UNCHANGED PAYOUT</a><a href="/premium-deskone">HON: STEADY YIELD</a><a href="/premium-deskone">GXO: WORST PERFORMER </a><a href="/premium-deskone">WMT: NEW STUNNING RECORD </a><a href="/premium-deskone">KNIN: BOUNCING OFF </a><a href="/premium-deskone">MAERSK: STILL BEARISH</a><a href="/premium-deskone">KNX: YIELD BOOST</a><a href="/premium-deskone">WTC: TURKISH CARGO WIN</a><a href="/premium-deskone">GXO: HAMMERED</a><a href="/premium-deskone">WMT: DEFENSIVE</a><a href="/premium-deskone">AAPL: AI DRIVE</a></p></div></div><script>jQuery( document ).ready(function() { });</script><style type="text/css"> .marquee a { padding: 0 10px; text-decoration: none; color: #e66811 !important; font-weight: 600; font-size: 14px; } .wrapper { max-width: 100%; overflow: hidden; } .marquee { white-space: nowrap; overflow: hidden; display: inline-block; animation: marquee 55s linear infinite; } .marquee:hover{ -moz-animation-play-state: paused; -webkit-animation-play-state: paused; animation-play-state: paused; } .marquee p { display: inline-block; } @keyframes marquee { 0% { transform: translate3d(0, 0, 0); } 100% { transform: translate3d(-50%, 0, 0); } } </style></div></div> </div> </div> </section> <section class="single-article"> <div class="container"> <div class="col-2 pad ad-bar mobile-hide"> </div> <div class="col-8 pad col-tab-14 col-mob-14"> <article> <div class="hero"> <img src="https://theloadstar.com/wp-content/uploads/ef1edfa3ebadb83d40fd36a6d37cebc8-680x0-c-default.jpg" alt="UPSdreamstime_m_80325821" /> <div class="caption">© Alexey Novikov </div> </div> <div class="post-info"> <address class="author">By <a href="/?s=UPS&s_ba=1" rel="author">UPS</a></address> <time datetime="2024-10-24">24/10/2024</time> </div> <p class="x_MsoNormal"><span lang="EN-US"><span data-olk-copy-source="MessageBody">• </span></span><b><i><span lang="EN-US">Consolidated Revenues of $22.2B, Compared to $21.1B Last Year</span></i></b></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><b><i><span lang="EN-US">Consolidated and Non-GAAP Adjusted</span></i></b><b><i><sup><span lang="EN-US">*</span></sup></i></b><b><i><span lang="EN-US"> Consolidated Operating Margin of 8.9%</span></i></b></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><b><i><span lang="EN-US">Diluted EPS of </span></i></b><b><i><span lang="EN-US">$1.80</span></i></b><b><i><span lang="EN-US">; Non-GAAP Adj. Diluted EPS of $1.76, Compared to $1.57 Last Year</span></i></b></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><b><i><span lang="EN-US">Updates 2024 Financial Guidance</span></i></b></p> <p class="x_MsoNormal"><b><i><span lang="EN-US"> </span></i></b></p> <p class="x_MsoNormal"><span lang="EN-US">ATLANTA – October 24, 2024 – UPS (NYSE:UPS) today announced third-quarter 2024 consolidated revenues of $22.2 billion, a 5.6% increase from the third quarter of 2023. Consolidated operating profit was $2.0 billion, up 47.8% compared to the third quarter of 2023, and up 22.8% on a non-GAAP adjusted basis. Diluted earnings per share were $1.80 for the quarter; non-GAAP adjusted diluted earnings per share were $1.76, 12.1% above the same period in 2023. </span></p> <p class="x_MsoNormal"><span lang="EN-US">For the third quarter of 2024, GAAP results include an after-tax net benefit of $36 million, or $0.04 per diluted share, comprised of a $152 million gain resulting from the divestiture of the Coyote Logistics business net of transformation strategy costs of $116 million.</span></p> <p class="x_MsoNormal"><span lang="EN-US">“I want to thank all UPSers for their hard work and efforts. After a challenging 18-month period, our company returned to revenue and profit growth,” said Carol Tomé, UPS chief executive officer. “Peak season is nearly upon us, and we are ready to deliver another successful holiday season and continue the progress we demonstrated in the third quarter.”</span></p> <p class="x_MsoNormal"> </p> <p class="x_MsoNormal"><b><span lang="EN-US">U.S. Domestic Segment</span></b></p> <table class="x_MsoNormalTable" border="1" width="602" cellspacing="0" cellpadding="0"> <tbody> <tr> <td valign="bottom" width="190"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US"> </span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2024</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">Non-GAAP Adjusted</span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2024</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US"> </span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2023</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">Non-GAAP Adjusted</span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2023</span></u></b></p> </td> </tr> <tr> <td valign="top" width="190"> <p class="x_MsoNormal"><span lang="EN-US">Revenue</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$14,450 M</span></p> </td> <td valign="bottom" width="103"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$13,660 M</span></p> </td> <td valign="bottom" width="103"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> </tr> <tr> <td valign="top" width="190"> <p class="x_MsoNormal"><span lang="EN-US">Operating profit</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$898 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$974 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$571 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$665 M</span></p> </td> </tr> </tbody> </table> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Revenue increased 5.8%, driven by a 6.5% increase in average daily volume.</span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Operating margin was 6.2%; non-GAAP adjusted operating margin was 6.7%.</span></p> <p class="x_MsoNormal"><b><sub><span lang="EN-US"> </span></sub></b></p> <p class="x_MsoNormal"><b><span lang="EN-US">International Segment</span></b></p> <table class="x_MsoNormalTable" border="1" width="602" cellspacing="0" cellpadding="0"> <tbody> <tr> <td valign="bottom" width="190"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US"> </span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2024</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">Non-GAAP Adjusted</span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2024</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US"> </span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2023</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">Non-GAAP Adjusted</span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2023</span></u></b></p> </td> </tr> <tr> <td valign="top" width="190"> <p class="x_MsoNormal"><span lang="EN-US">Revenue</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$4,411 M</span></p> </td> <td valign="bottom" width="103"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$4,267 M</span></p> </td> <td valign="bottom" width="103"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> </tr> <tr> <td valign="top" width="190"> <p class="x_MsoNormal"><span lang="EN-US">Operating profit</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$798 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$792 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$630 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$675 M</span></p> </td> </tr> </tbody> </table> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Revenue increased 3.4%, driven primarily by a 2.5% increase in revenue per piece.</span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Operating margin was 18.1%; non-GAAP adjusted operating margin was 18.0%.</span></p> <p class="x_MsoNormal"><b><span lang="EN-US">Supply Chain Solutions</span></b><b><sup><span lang="EN-US">1</span></sup></b></p> <table class="x_MsoNormalTable" border="1" width="602" cellspacing="0" cellpadding="0"> <tbody> <tr> <td valign="bottom" width="190"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US"> </span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2024</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">Non-GAAP Adjusted</span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2024</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US"> </span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2023</span></u></b></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">Non-GAAP Adjusted</span></u></b></p> <p class="x_MsoNormal" align="right"><b><u><span lang="EN-US">3Q 2023</span></u></b></p> </td> </tr> <tr> <td valign="top" width="190"> <p class="x_MsoNormal"><span lang="EN-US">Revenue</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$3,384 M</span></p> </td> <td valign="bottom" width="103"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$3,134 M</span></p> </td> <td valign="bottom" width="103"> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> </td> </tr> <tr> <td valign="top" width="190"> <p class="x_MsoNormal"><span lang="EN-US">Operating profit</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$289 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$217 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$142 M</span></p> </td> <td valign="top" width="103"> <p class="x_MsoNormal" align="right"><span lang="EN-US">$275 M</span></p> </td> </tr> </tbody> </table> <p class="x_MsoNormal"><sup><span lang="EN-US">1 </span></sup><span lang="EN-US">Consists of operating segments that do not meet the criteria of a reportable segment under ASC Topic 280 – Segment Reporting.</span></p> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Revenue increased 8.0%, due primarily to growth in air and ocean forwarding and the continued onboarding of USPS air cargo.</span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Operating margin was 8.5%; non-GAAP adjusted operating margin was 6.4%.</span></p> <p class="x_MsoNormal"><b><u><span lang="EN-US"> </span></u></b></p> <p class="x_MsoNormal"><b><u><span lang="EN-US">2024 Outlook</span></u></b></p> <p class="x_MsoNormal"><span lang="EN-US">The company provides certain guidance on a non-GAAP adjusted 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.</span></p> <p class="x_MsoNormal"><span lang="EN-US"> </span></p> <p class="x_MsoNormal"><span lang="EN-US">In the third quarter, the company completed the disposition of Coyote Logistics. The expected revenue and profits associated with this business had been included in the company’s previously provided revenue and operating margin targets. For full-year 2024, UPS updates its consolidated revenue and operating margin targets, reflecting actual third-quarter results, the impact of the completed Coyote disposition and the company’s outlook for the fourth quarter.</span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Consolidated revenue expected to be approximately $91.1 billion</span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Lifts consolidated non-GAAP adjusted operating margin expectation to approximately 9.6%</span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Capital expenditures of approximately $4.0 billion</span></p> <p class="x_MsoNormal"><span lang="EN-US">• </span><span lang="EN-US">Dividend payments expected to be around $5.4 billion, subject to Board approval</span></p> <p class="x_MsoNormal"> </p> <p class="x_MsoNormal"><sub><span lang="EN-US">* “Non-GAAP Adjusted” or “Non-GAAP Adj.” amounts are non-GAAP adjusted financial measures. See the appendix to this release for a discussion of non-GAAP adjusted financial measures, including a reconciliation to the most closely correlated GAAP measure.</span></sub></p> <p class="x_MsoNormal"><b><sub><span lang="EN-US"> </span></sub></b></p> </article> </div> <div class="col-4 pad sidebar col-tab-14 col-mob-14">  </div> </div> </section> <script> gtag('event','read_article', { "story_author":"UPS" }); </script> <section class="comments"> <div class="container"> <div class="col-11 pad col-mob-14">  <h4 class="h3"><strong>Comment on this article</strong></h4> <hr /> <ul></ul> </div> <div class="col-3 pad desktop-show image-centered"> </div> </div> </section><section class="related-stories"> <div class="container"> <div class="pad"> <hr /> <h2>Related Stories</h2> </div> </div> <div class="carousel"> <div class="slide"> <div class="container stacked v-borders"> </div> </section>   <section class="topics"> <div class="container pad"> <h2>Topics</h2> </div> </section>  <div 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