UPS gains volume, misses profit expectations

UPS saw its first rise in US package volume since 2022 during the second quarter (Q2), but profits and revenue fell short of expectations, causing shares to drop over 7 per cent in pre-market.

CEO Carol Tome called the quarter a significant turning point. UPS earned $1.41 billion, or $1.65 per share, and $1.79 per share excluding one-time costs, missing the forecast of $1.98.

A $120 million charge, primarily from a regulatory settlement, and increased operating expenses impacted results. Revenue was $21.82 billion, below the expected $22.31 billion. UPS now projects full-year revenue at about $93 billion.

Attribution: Associated Press (AP)