Key points:
- UPS reported second-quarter earnings Tuesday, July 26
- The company beat earnings and revenue expectations
- Shares gained premarket
Shares of United Parcel Service (NYSE: UPS) have risen just under 2% premarket Tuesday after the company reported second-quarter earnings, beating analyst expectations.
UPS posted adjusted earnings per share of $3.29, above expectations of $3.16 per share. Revenue came in at $24.8 billion, beating consensus expectations of $24.6 billion, rising 5.7% year-over-year. The company's US revenue grew 7.3%, driven by an 11.9% increase in revenue per piece, while international revenue increased 5.3%, driven by a 14.8% increase in revenue per piece.
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“While the external environment is ever-changing, our better not bigger strategic framework has fundamentally improved nearly every aspect of our business, enabling greater agility and strong financial performance,” said Carol Tomé, UPS chief executive officer.
UPS reaffirmed full-fear 2022 guidance, expecting revenue of approximately $102 billion and a consolidated adjusted operating margin of approximately 13.7%. They also raised the targeted share repurchases for 2022, taking the target from $2 billion to $3 billion for the year.
