UPS said its volumes increased in the second quarter, returning to growth after nine quarters. 

The American multinational logistics company announced consolidated revenues of US$21.8 billion in the second quarter of 2024, a 1.1% decrease from the second quarter of 2023.

Consolidated operating profit was US$1.9 billion, down 30.1% from the second quarter of 2023 and 29.3% on an adjusted basis.

"I want to thank all UPSers for their hard work and efforts in the second quarter," said Carol Tomé, UPS's chief executive officer.

"This quarter was a significant turning point for our company as we returned to volume growth in the US, the first time in nine quarters."

Tomé noted that "as expected," UPS' operating profit declined in the first half of 2024 from what we reported last year.

"Going forward, we expect to return to operating profit growth," she said.

For its US domestic segment, UPS said revenue decreased 1.9%, driven by a 2.6% decrease in revenue per piece due primarily to changes in product mix.

International segment revenue decreased 1.0%, driven primarily by a 2.9% decrease in average daily volume.

Meanwhile, UPS reported that supply chain solutions' revenue increased by 2.6% due primarily to growth in logistics, including healthcare.

For 2024, UPS said consolidated revenue is expected to be approximately US$93.0 billion, and consolidated adjusted operating margin is expected to be approximately 9.4%.

Capital expenditures are forecast to be approximately US$4.0 billion.