BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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UPS Reports First-Quarter 2024 Earnings, Faces Revenue Decline but Reaffirms Full-Year Outlook
ATLANTA, April 23, 2024 /BUSINESS WIRE/—UPS (NYSE: UPS), a global leader in logistics, announced a decrease in revenues and earnings in the first quarter of 2024 but remains optimistic about its growth trajectory for the rest of the year.
In the first quarter of 2024, UPS reported consolidated revenues of $21.7 billion, marking a 5.3% decline from $22.9 billion in the same quarter of the previous year. The company's consolidated operating profit also fell significantly to $1.6 billion, a 36.5% drop from the first quarter of 2023. Adjusted for specific one-time charges, the operating profit decreased by 31.5%.
Diluted earnings per share (EPS) for the quarter stood at $1.30, with adjusted EPS at $1.43, down 35.0% from $2.20 in the first quarter of 2023. This quarter’s GAAP results included a total charge of $110 million, or $0.13 per diluted share, consisting of after-tax transformation and other charges totaling $75 million and a non-cash, after-tax impairment charge of $35 million related to consolidating certain brands within the company's healthcare portfolio.
Segment Performance The U.S. Domestic segment experienced a 5.0% decrease in revenue to $14.234 million, influenced by a 3.2% decrease in average daily volume. The operating profit in this segment was $825 million, with an adjusted operating margin of 5.9%.
The International segment saw a 6.3% revenue decrease to $4.256 million, driven by a 5.8% drop in average daily volume. Despite the decline, this segment maintained a robust adjusted operating margin of 16.0%.
Revenue in the Supply Chain Solutions segment also fell by 5.3% to $3.216 million, primarily due to market rate declines in forwarding, resulting in an adjusted operating margin of 7.0%.
Executive Insights UPS CEO Carol Tomé expressed gratitude towards UPS employees for their hard work and dedication, which sustained the company through a challenging quarter. "Our financial performance in the first quarter was in line with our expectations, and average daily volume in the U.S. showed improvement through the quarter. Looking ahead, we expect to return to volume and revenue growth," Tomé stated.
2024 Financial Outlook UPS reaffirmed its full-year financial targets for 2024. The company anticipates consolidated revenues to range between approximately $92.0 billion to $94.5 billion, with an adjusted operating margin between 10.0% to 10.6%, and capital expenditures of approximately $4.5 billion.
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