.July 23, 2024 09:09:00 AM

UPS (NYSE:UPS) shares plummeted 8% in pre-market trading after reporting lower-than-expected second-quarter earnings and revenue for 2024. Adjusted EPS came in at $1.79, missing analysts’ expectations of $2.00 and marking a 29.5% decrease from last year’s $2.54. Revenue also fell short, dropping 1.1% to $21.8 billion, below the estimated $22.17 billion.

In the U.S. Domestic Segment, revenue declined by 1.9% due to a 2.6% decrease in revenue per piece. The International Segment saw a 1.0% revenue drop, driven by a 2.9% decrease in average daily volume. However, the Supply Chain Solutions segment reported a 2.6% revenue increase, driven by growth in logistics, including healthcare.

UPS revised its full-year 2024 financial guidance, now expecting revenue to be around $93.0 billion, slightly above the Street estimate of $92.8 billion.