UPS Q1 Income, Revenue Miss Estimates; Sees 2023 Revenue Below View

(RTTNews) - United Parcel Service, Inc. (UPS) that provides a broad range of integrated logistics solutions, on Tuesday announced first-quarter 2023 results that revealed a 6 percent decrease in consolidated revenues. Both revenues and earnings missed expectations.

Net Income for the period was $1.895 billion or $2.19 per share. Adjusted Net Income for the period was $1.904 billion or $2.20 per share, which was 27.9% below the same period in 2022.

27 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.21 per share. Analysts typically exclude one-time items.

Consolidated revenues declined 6 percent to $22.9 billion, from $24.4 billion in the first quarter of 2022.

21 analysts polled by Thomson Reuters were expecting the company to report revenues of $23.01 billion.

In the 2023 guidance issued in January, UPS had expected revenues to be between $97.0 billion and $99.4 billion. UPS now expects full-year revenue to be at the low end of its previously guided range. Analysts expect revenues of $98.13 billion for the year.

Shares of UPS are currently trading in pre-market at $184.97, down 5.56 percent from the previous close.

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