UPS - UPS Suffers Q3 Revenue Drop Lowers Guidance Due To Unfavorable Macro Conditions | Benzinga
United Parcel Service Inc (NYSE: UPS) reported a third-quarter (Q3) fiscal 2023 revenue decline of 12.8% year-over-year to $21.06 billion, missing the consensus of $21.45 billion.
Adjusted EPS was $1.57, down from $2.99 in 3Q22, beating the consensus of $1.52.
Adjusted average revenue per piece increased 1.5% Y/Y to $13.78 for the quarter.
Consolidated operating profit was $1.62 billion, down 48.7Y/Y and $1.65 billion on an adjusted basis (-47.5%) Y/Y.
U.S. Domestic Segment revenue fell 11.1% Y/Y to $13.66 billion, driven by an 11.5% decrease in average daily volume. The adjusted operating margin stood at 4.9%.
International Segment revenue decreased by 11.1% Y/Y to $4.27 billion, owing to a 6.6% Y/Y decline in average daily volume and continued softness on Asia trade lanes. The adjusted operating margin was ...