Event workers work to squeegee the court docket after rain delays a match between Kim Clijsters and Sloane Stephens throughout the Truist Atlanta O
Event workers work to squeegee the court docket after rain delays a match between Kim Clijsters and Sloane Stephens throughout the Truist Atlanta Open at Atlantic Station on July 26, 2021 in Atlanta, Georgia.
Casey Sykes | Getty Pictures
Shares of logistics firm UPS fell sharply on Tuesday after the corporate’s second-quarter earnings report confirmed that deliveries in the US have been slowing.
The corporate reported $3.06 in adjusted earnings per share and $23.42 billion in income for the quarter. Analysts surveyed by Refinitiv have been anticipating $2.82 in earnings per share and $23.24 billion in income.
Nevertheless, the headline beat was fueled by an enormous bounce within the quantity of income per bundle and power in worldwide markets, as the whole quantity of U.S. deliveries declined virtually 3% yr over yr. Floor packaged quantity within the U.S. was down 4% yr over yr.
Moreover, the income from U.S. packages within the second-quarter missed expectations, in accordance with Road Account.
The inventory was down practically 9% in early buying and selling.
The decline in quantity is relative to one of many foremost intervals of financial restrictions and retailer closures within the U.S. in 2020, when e-commerce boomed as a result of Covid-19 pandemic. The corporate’s next-day air quantity within the U.S. did rise in the latest quarter.
“I wish to thank all UPSers for executing our technique and delivering excessive service ranges, which fueled report monetary leads to the second quarter,” UPS CEO Carol Tome mentioned in a press release. “By our higher not greater framework, we’re transferring our world ahead by delivering what issues.”
Shares of UPS have been up practically 25% for the yr earlier than Tuesday’s report. The inventory jumped greater than 43% in 2020.
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