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EXPRESS services giant ups recorded consolidated revenue of US$21.7 billion in the first three months of this year, a 5.3 per cent fall on its performance in the first quarter of 2023.
Consolidated operating profit was down further, by 36.5 per cent year on year to $1.6 billion (and down 31.5 per cent on an adjusted basis).
The company’s Supply Chain Solutions division experienced a 5.3 per cent decline in revenue, attributed primarily to ‘market rate declines in forwarding’.
Operating profit in the Supply Chain Solutions segment was also down year on year, although a profit of $132 million was made. The operating margin in the division was 4.1 per cent (7 per cent when adjusted).
Meanwhile, revenue and profit also fell year on year in UPS’s International and US Domestic segments, reports London’s Air Cargo News.
Carol Tome, UPS’s chief executive, commented: ‘Our financial performance in the first quarter was in line with our expectations.
‘Looking ahead, we expect to return to volume and revenue growth.’
In January, UPS announced that its revenues in the fourth quarter of 2023 dropped nearly 8 per cent year on year as volumes fell in both its domestic and international segments.
UPS made revenue of $91 billion last year. It provides a broad range of integrated logistics solutions for customers in more than two hundred countries and territories.
Earlier this month, UPS was awarded a contract by the United States Postal Service (USPS) to become its primary air cargo provider.
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