UPS Q3 Adj. Earnings Beat View; Cuts FY23 Outlook, Stock Down In Premarket

United Parcel Service, Inc. (UPS), while announcing third-quarter results, on Thursday trimmed fiscal 2023 forecast again for revenue and adjusted operating margin primarily to reflect global macro-economic uncertainty.

In pre-market activity on the NYSE, UPS shares were losing around 2.5 percent to trade at $143.26.

The third -quarter net income was $1.13 billion or $1.31 per share. Adjusted net income was $1.35 billion or $1.57 per share, compared to $2.99 per share last year.

On average, 17 analysts polled by Thomson Reuters expected earnings of $1.52 per share for the quarter. Analysts’ estimates typically exclude special items.

Consolidated revenues declined 12.8 percent to $21.06 billion from last year’s $24.16 billion, with weakness in all segments. The Street was looking for revenues of $21.45 billion for the quarter.

Looking ahead for fiscal 2023, UPS now expects consolidated revenue to be between $91.3 billion and $92.3 billion and a consolidated adjusted operating margin of between 10.8% and 11.3%.

The company previously expected consolidated revenue to be about $93 billion and adjusted operating margin to be around 11.8 percent.

Analysts expect revenues of $92.76 billion for the year.

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