UPS's revenue in the first quarter of 2024 was $21.7 billion, and its profit exceeded expectations!

It is learned that on April 25, according to foreign media reports, UPS released its first quarter financial report for 2024. Data showed that UPS's total revenue in the quarter was US$21.7 billion, a year-on-year decrease of 5.3%. At the same time, operating profit fell to US$1.6 billion, a year-on-year decrease of 36.5%.

It is understood that although the revenue and profit of UPS business have declined, the profit margin exceeded expectations. In this quarter, the revenue of domestic business in the United States was US$14.2 billion, a decrease of 5%. The operating profit was US$839 million, a year-on-year decrease of 43.6%, and the profit margin reached 5.9%. The revenue of international business was US$4.3 billion, a decrease of 6.3%. The operating profit was US$682 million, a year-on-year decrease of US$124 million, and the profit margin reached 16%.

Meanwhile, average daily trading volume fell in the first quarter, but improved from the previous quarter. International average daily total trading volume fell 5.8% year-on-year, with about two-thirds of the decline coming from domestic US business, where average daily trading volume fell 8.1%, mainly due to lower volumes in Canada and major European markets.

In terms of exports, daily exports fell by 3.6% year-on-year, affected by weak manufacturing activity in Europe. Daily exports to Asia fell by 4.8%, an improvement compared with the fourth quarter of 2023. In Asia, exports from China to the United States increased by 12.8% and remained stable.

UPS CEO Carol Tomé said cost cuts offset the impact of reduced package demand, and first-quarter financial results were roughly in line with expectations. Looking ahead, UPS expects sales and revenue to resume growth.

Editor ✎Rayna/

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