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 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
Adjusted Adjusted
1Q 2024 1Q 2024 1Q 2023 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
Adjusted Adjusted
1Q 2024 1Q 2024 1Q 2023 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 Solutions(1)
Adjusted Adjusted
1Q 2024 1Q 2024 1Q 2023 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 and click on “Earnings Conference Call.” Additional financial information is included in the detailed financial schedules being posted on 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.