UPS reports adjusted EPS down 35% to $1.43 for the first quarter of 2024, with an adjusted operating margin of 8% on sales of $21.7 billion, down 5.3% year-on-year.

"Our financial performance was in line with our expectations, and average daily volume in the US improved throughout the quarter," says CEO Carol Tomé, who expects a return to volume and revenue growth going forward.

The parcel and logistics group therefore reaffirms its targets for 2024 as a whole, including an adjusted operating margin of around 10 to 10.6%, and sales in the range of $92 to $94.5 billion.

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