UPS boosted its volume in the U.S. for the first time since 2022 during its second quarter, but profit and revenue fell short of Wall Street expectations, partly due to a hefty charge.
Shares dropped more than 13% at the opening bell Tuesday.
CEO Carol Tome said the package delivery company returned to volume growth in the U.S. during the quarter for the first time in nine quarters.
“This quarter was a significant turning point for our company,” Tome said in a prepared statement.
Total U.S. domestic package volume edged up in the quarter thanks to an improvement in ground deliveries.
For the three months ended June 30, United Parcel Service Inc. earned $1.41 billion, or $1.65 per share.
Stripping out one time costs, earnings were $1.79 per share. This was well below the $1.98 per share that analysts polled by Zacks Investment Research were calling for.
UPS said that …