United Parcel Service’s (NYSE: UPS) bottom line for the first quarter of 2020 missed the market’s estimates, while the top line exceeded targets. UPS reported adjusted earnings of $1.15 per share on revenue of $18.04 billion compared to the analysts’ projected EPS of $1.23 and revenue of $17.21 billion. The company withdrew its previously issued 2020 revenue and EPS guidance as a result of the coronavirus pandemic impact.
UPS suspended its share buybacks for 2020, reducing its planned full-year repurchase target by approximately $783 million. The company paid the regular quarterly dividend of $1.01 per share to all outstanding Class A and Class B shareholders on March 10, 2020, to shareowners of record as of February 25, 2020.
On March 12, UPS named Carol Tome (the former CFO of The Home Depot and the board member of UPS) as CEO of the company effective June 1, 2020. Current CEO David Abney will become Executive Chairman of the Board with effect from June 1, 2020.
UPS stock, which plunged to a 52-week low ($17.80) last month, was trading up about 2% in the pre-market trading hours.