UPS returns to revenue, profit growth after 18 months
The consolidated revenues were $22 billion, a 5.6 percent increase from the third quarter of 2023.;
UPS announced third-quarter 2024 consolidated operating profit of $2 billion, up 48 percent compared to the third quarter of 2023, and up 23 percent on a non-GAAP adjusted basis.
The consolidated revenues were $22 billion, a 5.6 percent increase from the third quarter of 2023.
“After a challenging 18-month period, our company returned to revenue and profit growth,” said Carol Tomé, UPS chief executive officer. “Peak season is nearly upon us, and we are ready to deliver another successful holiday season and continue the progress we demonstrated in the third quarter.”
“On our last earnings call, we said that the second quarter would not only be the bottom, but a turning point for our performance, and that we would return to revenue and profit growth in the third quarter, which we did,” she added.
“Diluted earnings per share were $1.80 for the quarter; non-GAAP adjusted diluted earnings per share were $1.76, 12 percent above the same period in 2023,” reads the release.
On the U.S. domestic segment front, revenue increased 6 percent, driven by a 6.5 percent increase in average daily volume. Operating margin was 6 percent; non-GAAP adjusted operating margin was 7 percent.
On international segment, revenue increased 3 percent, driven primarily by a 2.5 percent increase in revenue per piece. Operating margin was 18 percent; non-GAAP adjusted operating margin was 18 percent.
In the third quarter, the company completed the disposition of Coyote Logistics. The consolidated revenue expected by UPS to be approximately $91.1 billion.