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UPS Q2 revenues beat estimates, earnings disappoint
(Sharecast News) - Logistics firm UPS posted Q2 revenues that came in ahead of Wall Street estimates on Tuesday, but said earnings per share had fallen short of expectations. UPS reported Q225 revenues of $21.2bn, slightly ahead of estimates of $21.2bn, while adjusted earnings per share of $1.55 were just shy of the $1.57 per share expected on the Street. Operating profits were $1.9bn on a non-GAAP basis, reflecting ongoing cost pressures and transformation charges.
The Kentucky-based group said its US domestic segment saw a slight revenue dip of 0.8% due to lower volume, while international revenues grew 2.6% on stronger daily volume. Supply chain solutions revenues dropped 18.3%, hit by UPS' divestiture of Coyote.
UPS reaffirmed its FY cost savings target of $3.5bn through network reconfiguration and its "Efficiency Reimagined" program, noting that it plans to spend $3.5bn in capex.
UPS also opted not to provide any updated revenue or profit guidance, citing ongoing macroeconomic uncertainty.
As of 1425 BST, UPS shares were down 2.79% in pre-market trading at $98.75 each.
Reporting by Iain Gilbert at Sharecast.com
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