UPS misses quarterly estimates on high labor costs, weak small-package demand

Category: Business

United Parcel Service (UPS) reported second-quarter earnings that fell short of Wall Street expectations, with an adjusted profit of $1.79 per share compared to estimates of $1.99. The company also lowered its full-year adjusted operating margin forecast to 9.4%. UPS has been cutting costs, including a plan to eliminate 12,000 jobs, and expects cost pressures to ease in the latter half of the year. Despite the earnings miss, UPS will replace FedEx as the primary expedited air service provider for the U.S. Postal Service in October.

Keywords: UPS, earnings report, package delivery

Source: Yahoo Finance

Update At: 7/23/2024

Related Sources

P&G CEO on earnings, more cautious consumers, and Trump tax cuts

P&G CEO Jon Moeller reports a cautious US shopper, with organic sales growth of 2% falling short of expectations. Despite stable private label sales, beauty and grooming sectors underperformed. Analysts express concerns over weak consumption trends and potential impacts of tax cuts on future investments.

Yahoo Finance

Procter & Gamble earnings beat estimates, but quarterly sales disappoint

Procter & Gamble reported mixed quarterly results with a net income of $3.14 billion, down from $3.38 billion a year earlier. The company's volume increased by 1%, marking the first rise in over two years, driven by demand in grooming, health care, and fabric care. However, beauty and baby care segments saw a decline in volume. P&G expects core net earnings per share for fiscal 2025 to be between $6.91 and $7.05, with a revenue growth outlook of 2% to 4%. Shares fell 4.6% in premarket trading.

CNBC

P&G books $14.9B profit, sees growth ahead

Procter & Gamble reported a profit of nearly $14.9 billion for the fiscal year ending June 30, a 1.5% increase from the previous year, with total sales rising 2.5% to $84 billion. The company also disclosed a $3.1 billion profit on $20.5 billion in sales for the fourth quarter, although sales fell short of Wall Street expectations. P&G raised prices by 1% in the latest quarter and 4% during the fiscal year, predicting total sales growth of 2% to 4% and organic sales growth of 3% to 5% for the coming year.

Cincinnati Enquirer

Microsoft earnings press release available on Investor Relations website

Microsoft announced its fiscal year 2024 fourth-quarter financial results, available on its Investor Relations website. A conference call will be held at 2:30 p.m. Pacific Time, with a live webcast accessible online. The company emphasizes its commitment to AI and innovative solutions for customers.

Microsoft

Microsoft Earnings: Stock Tanks As AI Business Growth Worse Than Expected

Microsoft reported strong earnings with $2.95 diluted earnings per share and $64.7 billion in quarterly sales, but shares fell about 7% due to disappointing growth in its AI business. Despite record revenue and net income for the fiscal year, the market reacted negatively, similar to trends seen with other tech giants like Alphabet. Analysts predict a close competition between Microsoft and Apple in profitability by 2026.

Forbes

Boeing taps former Collins Aerospace CEO Kelly Ortberg to replace Dave Calhoun

Boeing has appointed Robert 'Kelly' Ortberg as its new CEO, effective August 8, to address ongoing safety and manufacturing challenges. Ortberg, a veteran in the aerospace industry and former CEO of Rockwell Collins, is expected to lead Boeing through a significant transition following recent leadership changes and financial losses.

CNBC

Boeing names new CEO after losses more than triple | Business

Boeing appointed Robert 'Kelly' Ortberg as its new CEO following a $1.4 billion core operating loss in Q2, significantly higher than the previous year. Ortberg, an engineer with a history in the aviation industry, replaces Dave Calhoun amid ongoing scrutiny of the company's safety and quality issues. His leadership is seen as a potential shift towards prioritizing engineering over finance.

CNN

Former Rockwell Collins CEO joins list of Boeing CEO candidates

Kelly Ortberg, former CEO of Rockwell Collins, is a leading candidate for Boeing's next CEO, alongside Pat Shanahan and Stephanie Pope. The Boeing board is expected to make a decision soon, potentially before the release of second quarter results on July 31.

The Air Current

Boeing Names Kelly Ortberg CEO to Succeed Dave Calhoun

Boeing Co. appointed Kelly Ortberg as its new CEO, facing significant turnaround challenges amid a reported steep loss in the second quarter.

Bloomberg.com

Boeing names new CEO as it posts a loss of more than $1.4 billion in second quarter

Boeing reported a loss of over $1.4 billion in Q2, with revenue down 15% year-over-year. Robert 'Kelly' Ortberg will replace David Calhoun as CEO amid ongoing challenges, including fraud allegations and supply-chain issues. The company is also seeking regulatory approval for new aircraft models and considering the design of a new single-aisle plane.

Yahoo Finance