VOLUMES posed a challenge for ups in the second quarter of this year, though results were bolstered slightly by the performance of the supply chain solutions division.
UPS has announced second quarter consolidated revenues of US$21.8 billion, a 1.1 per cent decrease from the second quarter of 2023.
Consolidated operating profit was $1.9 billion, down 30.1 per cent compared to the second quarter of 2023, and down 29.3 per cent on an adjusted basis.
In the international segment, revenue decreased 1 per cent. UPS said this was 'driven primarily by a 2.9 per cent decrease in average daily volume'.
Europe volumes grew sharply, but Asia volumes plateaued in the last part of the second quarter, reports London's Air Cargo News.
The express giant said that in the US domestic segment, revenue decreased 1.9 per cent, 'driven by a 2.6 per cent decrease in revenue per piece due primarily to changes in product mix'.
Meanwhile, in the supply chain solutions division, revenue increased 2.6 per cent 'due primarily to growth in logistics, including healthcare'.
UPS noted in its earnings document that e-commerce-related airfreight demand contributed to robust results for the supply chain solutions division: 'Strong e-commerce demand in international air freight drove increase in volume and revenue.'
'I want to thank all UPSers for their hard work and efforts in the second quarter,' said Carol Tome, UPS chief executive. 'This quarter was a significant turning point for our company as we returned to volume growth in the US, the first time in nine quarters.
'As expected, our operating profit declined in the first half of 2024 from what we reported last year. Going forward we expect to return to operating profit growth.'
SeaNews Turkey
UPS has announced second quarter consolidated revenues of US$21.8 billion, a 1.1 per cent decrease from the second quarter of 2023.
Consolidated operating profit was $1.9 billion, down 30.1 per cent compared to the second quarter of 2023, and down 29.3 per cent on an adjusted basis.
In the international segment, revenue decreased 1 per cent. UPS said this was 'driven primarily by a 2.9 per cent decrease in average daily volume'.
Europe volumes grew sharply, but Asia volumes plateaued in the last part of the second quarter, reports London's Air Cargo News.
The express giant said that in the US domestic segment, revenue decreased 1.9 per cent, 'driven by a 2.6 per cent decrease in revenue per piece due primarily to changes in product mix'.
Meanwhile, in the supply chain solutions division, revenue increased 2.6 per cent 'due primarily to growth in logistics, including healthcare'.
UPS noted in its earnings document that e-commerce-related airfreight demand contributed to robust results for the supply chain solutions division: 'Strong e-commerce demand in international air freight drove increase in volume and revenue.'
'I want to thank all UPSers for their hard work and efforts in the second quarter,' said Carol Tome, UPS chief executive. 'This quarter was a significant turning point for our company as we returned to volume growth in the US, the first time in nine quarters.
'As expected, our operating profit declined in the first half of 2024 from what we reported last year. Going forward we expect to return to operating profit growth.'
SeaNews Turkey
