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- UPS beat Wall Street expectations and raised its full-year guidance in its second-quarter earnings report Tuesday.
- The company reported revenue of $22.8 billion and adjusted earnings per share of $1.76.
- UPS is currently in the midst of a turnaround strategy aimed at positioning the company for long-term growth.
UPS electric vehicle delivery van on 13th September 2023 in Cirencester, United Kingdom. Mike Kemp | In Pictures | Getty Images
United Parcel Service on Tuesday posted second-quarter earnings results that beat Wall Street expectations and raised its full-year outlook.
Shares of the delivery giant rose slightly in premarket trading.
Here’s how the company performed in its second quarter, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.76 adjusted vs. $1.66 expected
- Revenue: $22.8 billion vs. $21.81 billion expected
For the quarter ended June 30, UPS reported net income of $604 million, or 71 cents per share, down significantly from $1.28 billion, or $1.51 per share, in the year-ago period. Adjusting for one-time items, the company reported a profit of $1.5 billion, or $1.76 per share.
The company also raised its full-year 2026 guidance, now expecting consolidated revenue of $91.2 billion and adjusted diluted EPS of roughly $7.22 per share.
“Our second-quarter results marked an expected and significant shift in our performance and we delivered both consolidated revenue and non-GAAP adjusted operating profit growth,” CEO Carol Tomé said in a release. “We entered the second half of the year with strong momentum and are raising our full-year consolidated revenue, non-GAAP adjusted operating profit and non-GAAP adjusted diluted EPS guidance.”
UPS is in the midst of a turnaround strategy aimed at positioning the company for long-term and sustainable growth. The company is focused on enhancing automation in its networks and tapping into growing markets, including healthcare logistics.
For the second quarter, UPS reported a 6% increase in domestic revenue, driven by an increase in revenue per piece, and a 12.5% increase in international revenue. Supply chain solutions revenue rose 7.8%, in part due to growth in healthcare logistics.
The company added that it has achieved roughly $1.2 billion of program benefits from its network reconfiguration program, expecting to reach $3 billion by the end of the year.
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