Earnings

Amazon and Walmart reported strong financial results for Q1, with Amazon's net sales reaching $143.3 billion and Walmart's revenue hitting $161.5 billion.

Despite a strong second quarter, including a $410 million revenue increase, the USPS reported a $1.5 billion loss.

Atlanta-based global freight transportation and logistics services provider UPS said that effective June 1, Executive Vice President and Chief Financial Officer Brian Newman will leave the company.

Shipping giant UPS struggled with shifting consumer demands and rising costs, resulting in an earnings dip during the first three months of 2024.

Quarterly consolidated revenue, at $21.7 billion, fell 5.3% annually, and adjusted earnings per share, at $1.43, saw a 35.0% annual decline. Consolidated quarterly operating profit came in at $1.6 billion, which was off 36.5% annually.

Quarterly revenue, at $21.7 billion, was off 2.3% annually, and operating income, at $1.24 billion, rose 16% annually. Earnings per share, at $3.51, topped the $3.05 from a year ago, topping Wall Street expectations of $3.30. Net income, at $879 million, was up 12% annually.

Saia, the nation’s eighth-largest less-than-truckload (LTL) carrier, enjoyed a blowout fourth quarter with earnings exceeding Wall Street analysts’ expectations in one of the first indications of a post-Yellow freight boom in the LTL sector.

Quarterly revenue, at $1.98 billion, was up 2% annually, and adjusted earnings per share fell 7% annually, to $0.88, topping Wall Street estimates, at $0.66.

UPS said consolidated revenue fell 12.8% in Q3, but that it was winning back business lost during contract negotiations with the Teamsters.

Quarterly revenue, at $21.1 billion, saw a 12.8% annual decrease, and adjusted earnings per share, at $1.57, were off 47.5%. Consolidated quarterly operating profit came in at $1.3 billion, which was off 48.7% annually on an adjusted basis.

Quarterly revenue—at $21.9 billion—was down 10.3% annually, and adjusted operating income—at $1.8 billion—fell 21%. Adjusted earnings per share came in at $4.94, down 28% annually and topping Wall Street expectations, at $4.85.

Freight demand did not pick up toward the second half of the first quarter, as it usually does in the LTL sector.

Quarterly revenue—at $1.91 billion—was up 1% annually, and adjusted earnings per share—at $0.56—rose $0.22 annually, topping Wall Street estimates, at $0.46. Operating income came in at $58 million, down from $63 million a year ago, which XPO said reflected higher transaction costs related to its previous spin-off of RXO. Adjusted EBITA—at $210 million—was up 12%.

Yellow, which controls about 10% of the $58 billion less-than-truckload (LTL) market, suffered a first quarter loss of $54.6 million on revenue of $1.159 billion. That was nearly twice the loss of $27.5 million on $1.26 billion revenue in the year-ago period.

Quarterly revenue—at $22.9 billion—was off 6% annually, and adjusted earnings per share—at $2.20—fell 27.9%, for the same period. Consolidated quarterly operating profit came in at $2.5 billion, which was off 22.8% annually on an adjusted basis.