In this article UPS Follow your favorite stocks CREATE FREE ACCOUNT A person walks into a UPS (United Parcel Service) customer center on April 1, 2024 in Los Angeles, California. Mario Tama | Getty Images United Parcel Service on Thursday reported profit and revenue for the second-quarter that came in below expectations and cut its 2024 revenue guidance. Shares were down 7% in premarket trading.
UPS now expects 2024 revenue to be approximately $93 billion, revised from a previous forecast for as much as $94.5 billion. Full-year capital expenditures, however, is now expected at around $4 billion, rather than the previous $4.
5 billion. The company also announced it's targeting around $500 million in share repurchases in 2024. UPS noted that the guidance does not include the impacts of the recently announced sale of its trucking business Coyote Logistics to RXO Logistics.
The transaction is expected to close by the end of the year, UPS said in a previous press release. The company also recently entered into an agreement to acquire Mexican express delivery company Estafeta, as it continues to expand its international presence. Here's how the shipping giant did in the quarter ended June 30 compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: $1.
79 cents adjusted vs. $1.99 expected Revenue: $21.
8 billion vs. $22.18 billion expected The company's reported net income for the quarter was $1.
41 billion, or $1.65 cents per share, co.