United Parcel Service, Inc. (NYSE: UPS) Tuesday reported a modest decline in revenues for the second quarter of 2024. Adjusted profit decreased in double-digits during the quarter.
On an adjusted basis, June-quarter profit dropped 30% annually to $1.79 per share. Unadjusted net income was $1.41 billion or $1.65 per share in Q2, compared to $2.08 billion or $2.42 per share in the same period of 2023.
The weak bottom line performance reflects a 1% decrease in second-quarter revenues to $21.8 billion. US Domestic revenues and International revenues decreased by 2% and 1% respectively.
“This quarter was a significant turning point for our company as we returned to volume growth in the U.S., the first time in nine quarters. As expected, our operating profit declined in the first half of 2024 from what we reported last year. Going forward we expect to return to operating profit growth,” said Carol Tome, CEO of UPS.