United Parcel Service, Inc. (NYSE: UPS) Tuesday reported lower revenues and adjusted profit for the first quarter of 2024. The company reaffirmed its full-year 2024 guidance.
On an adjusted basis, March-quarter profit dropped 35% annually to $1.43 per share. Unadjusted net income was $1.11 billion or $1.30 per share in Q1, compared to $1.90 billion or $2.19 per share in the same period of 2023.
The weak bottom line performance reflects a 5% decrease in first-quarter revenues to $21.7 billion. US Domestic revenues and International revenues decreased by 5% and 6% respectively.
“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,” said Carol Tome, CEO of UPS.
