UPS reported quarterly net income of $1.4 billion and diluted earnings per share of $1.65 for Q2, or $2.5 billion and $2.94 per share, for the first half. Adjusted diluted earnings per share were $1.79 for Q2 and $3.21 for the first half.

10-QQuarterly reportFiled Aug 7, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

UPS reported quarterly net income of $1.4 billion and diluted earnings per share of $1.65 for Q2, or $2.5 billion and $2.94 per share, for the first half. Adjusted diluted earnings per share were $1.79 for Q2 and $3.21 for the first half.
The company cited higher compensation and benefits expense under the Teamsters contract at its U.S. Domestic Package segment as the main factor behind the increase in operating expenses for Q2 and the first half. It said U.S. Domestic Package operating margin fell 410 basis points to 7.0% in Q2 and fell 400 basis points to 6.4% in the first half.
The company said it paid $94 million of previously restricted cash in Q2 to settle a challenge by Italian tax authorities over the deductibility of Value Added Tax payments. It also announced an agreement to divest its truckload brokerage business, Coyote, on June 23, 2024, and an agreement to acquire Estafeta, a Mexican small package provider, on July 22.
The company said it did not repurchase shares in the first half and plans to repurchase about $500 million of shares in the second half. It also said it expects total capital expenditures for 2024 to be about $4.0 billion.

Key figures

Quarter ended June 30, 2024

Revenue: $21.8B
Operating income: $1.9B
Net income: $1.4B
EPS: $1.65

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 2024 and First-Half Net Income and Adjusted EPS

UPS reported quarterly net income of $1.4 billion and diluted earnings per share of $1.65 for Q2, or $2.5 billion and $2.94 per share, for the first half. Adjusted diluted earnings per share were $1.79 for Q2 and $3.21 for the first half.

Source · Based on the MD&A text of the filing

Teamsters Contract Costs and Lower Operating Margin

The company cited higher compensation and benefits expense under the Teamsters contract at its U.S. Domestic Package segment as the main factor behind the increase in operating expenses for Q2 and the first half. It said U.S. Domestic Package operating margin fell 410 basis points to 7.0% in Q2 and fell 400 basis points to 6.4% in the first half.

Source · Based on the MD&A text of the filing

$94 million Italian Regulatory Payment and Coyote Divestiture

The company said it paid $94 million of previously restricted cash in Q2 to settle a challenge by Italian tax authorities over the deductibility of Value Added Tax payments. It also announced an agreement to divest its truckload brokerage business, Coyote, on June 23, 2024, and an agreement to acquire Estafeta, a Mexican small package provider, on July 22.

Source · Based on the MD&A text of the filing

Second-Half Share Buyback Plan and 2024 Capex Outlook

The company said it did not repurchase shares in the first half and plans to repurchase about $500 million of shares in the second half. It also said it expects total capital expenditures for 2024 to be about $4.0 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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