United Parcel Service (UPS) reported second-quarter profit and revenue that fell short of expectations and lowered its 2024 revenue guidance. Shares were down 7% in premarket trading. UPS now expects 2024 revenue to be around $93 billion, down from the previous forecast of up to $94.5 billion. Full-year capital expenditures are now expected to be approximately $4 billion, instead of $4.5 billion. The company also announced plans for $500 million in share repurchases in 2024. UPS did not include the impacts of the sale of its trucking business Coyote Logistics to RXO Logistics. The company recently signed an agreement to acquire Mexican express delivery company Estafeta. In the second quarter, UPS reported earnings per share of $1.79 cents adjusted, below the expected $1.99, and revenue of $21.8 billion, below the expected $22.18 billion. Net income for the quarter was $1.41 billion, or $1.65 cents per share, compared to $2.08 billion, or $2.42 per share, a year earlier. Operating profit also decreased to $1.94 billion from $2.78 billion.
