UPS Q2 profits up 8.5%

International parcels and logistics player UPS reported consolidated revenues of $24.8 billion in the second quarter of 2022. Consolidated operating profit was $3.5bn, up 8.5% compared to Q2, 2021.

Among the figures, UPS’ domestic segment saw revenues of $15.459 billion and operating profits of $1.829bn. Compared to 2022, revenues grew 7.3%, in a large part driven by a growth in revenue of 11.3% per piece.

UPS’s international revenue grew by 5.3% to $5.073 billion, with operating profits of $1.193 billion. This was due to a growth in revenue of 14.8% per piece handled.

“I want to thank UPSers around the world for delivering outstanding service to our customers,” said Carol Tomé, UPS chief executive officer. “While the external environment is ever changing, our better not bigger strategic framework has fundamentally improved nearly every aspect of our business, enabling greater agility and strong financial performance.” 

UPS is among the ‘Big 4’ logistics companies whose rivals are FedEx, DHL and Amazon, which combined dominate the world logistics and delivery markets. Its rivals will be posting similar results unless there are any untoward surprises.

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