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As domestic deliveries started to recede, delivery firms such as UPS and FedEx Corp (NYSE:FDX) pivoted to higher-paying small businesses and enterprise customers to drive volumes and earnings.
Since taking charge of UPS in June 2020, Chief Executive Officer Carol Tome has pushed the company to adopt a “better, not bigger” strategy, which prioritizes lucrative deliveries over volume.
E-commerce shipments fell from pandemic highs as COVID safety protocols lifted and shoppers reprioritized spending due to higher rent, food and fuel costs.
The company reaffirmed its full-year outlook.
Atlanta-based UPS posted second-quarter adjusted earnings of $3.29 per share, ahead of analysts’ estimate of $3.16, according to Refinitiv data.
Revenue rose 5.7% to $24.76 billion, beating estimates of $24.63 billion.
