UPS Stock: UPS (NYSE: UPS) announced robust financial results for the third quarter of 2024, showcasing a consolidated revenue of $22.2 billion, a 5.6% increase from the previous year. This growth is underpinned by a strong performance across all segments, particularly the U.S. Domestic, which recorded a 5.8% rise in revenue driven by heightened volume. The company’s consolidated operating profit surged 47.8% to $2.0 billion, and diluted earnings per share (EPS) reached $1.80, marking a 37% year-over-year increase.
CEO Carol Tomé expressed gratitude to the UPS workforce, stating, “After a challenging 18-month period, our company returned to revenue and profit growth. Peak season is nearly upon us, and we are ready to deliver another successful holiday season and continue the progress we demonstrated in the third quarter.”
In a noteworthy move, UPS has revised its financial guidance for 2024, now projecting consolidated revenue to be around $91.1 billion and raising its non-GAAP adjusted operating margin expectation to approximately 9.6%. Additionally, the company anticipates capital expenditures of about $4.0 billion and expects dividend payments around $5.4 billion, pending Board approval.
The financial success has led to a 5.76% increase in UPS stock during premarket trading, reflecting heightened investor confidence. With strong fundamentals and a strategic outlook, UPS is poised for a fruitful fourth quarter.
