Industrials

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $149, raised $1, reflects a 15x multiple of projected ’25 EPS, in line with UPS’s historical forward average. We cut our ’24 EPS estimate by $0.14 to $8.22, but raise ’25’s by $0.07 to $9.96. Q1 EPS of $1.43, vs. $2.20, beat consensus by $0.08. In UPS’s U.S. Domestic segment, average daily volumes fell 3.2% Y/Y, and revenues fell 5.0%, indicative in our view of ongoing (albeit modest) pricing pressure. We see a similar situation in the International segment, where average daily volumes dropped 5.8% Y/Y and revenues fell 6.3%. UPS maintains its ’24 revenue guidance of a range of $92.0B-$94.5B, which would suggest revenue growth in ’24 of 1%-4%, likely with an acceleration in 2H ’24. We think cost efforts will […]

UPS Releases 1Q 2024 Earnings — 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)–April 23, 2024– 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

The following is a summary of the United Parcel Service, Inc. (UPS) Q1 2024 Earnings Call Transcript: Financial Performance: United Parcel Service’s announced Q1 2024 revenue at $21.7 billion, marking a 5.3% decline due to a decrease in average daily volume. A significant drop of 31.5% was observed in the Operating profit, amounting to $1.7 billion, mainly due to higher labor costs from the first year of the Teamsters’ contract. In terms of volume, both US domestic and international segments have seen a decrease of 3.2% and 5.8% respectively, affected by the retail and manufacturing sectors. $1.3 billion has been issued to shareholders as dividends in Q1. Despite the performance, UPS retains its projected 2024 consolidated financial targets. Business Progress: UPS is reimagining its network by introducing changes like ‘Network of the Future’, becoming the primary air cargo provider for USPS. The company’s expansion plans include increasing UPS store locations