Shares of United Parcel Service (UPS) tumbled Tuesday after theꦕ shipping giant reported second-quarter earnings that were lower than analysts expected, amid a pullback from pandemic highs for package deliveries.

Revenue from the company's shipping operations fell just over 1% from the same time last year to $21.8 billion, while analysts had expected revenue to rise to $22.18 billion, according to estimates compiled by Visible Alpha.

Profits fell by a wider margin, as UPS reported a 32% drop in 澳洲幸运5开奖号码历史查询:net income to $1.41 billion, down from $2.08 billion the same time last year and below estimates.

Shares of UPS were recently down more tha💜n 13%, falling to their lowest levels since 2020.

UPS Narro🐼ws Revenue Outlook, Restarts Buyback Program

UPS narrowed its revenue outlook for the full fiscal year, projecting revenue of roughly $93 billion, compared to a previously projected range of $92 billion to $94.5 billion. The company also lowered projections for its adjusted 澳洲幸运5开奖号码历史查询:operating margin to roughly 9.4% for the year, below previous projections of 10% to 10.6%.

CEO Carol Tomé said Tuesday that UPS returned to growth in terms of shipping volume for the first time in nine quarters, suggesting the normalization from pandemic highs could be nearly complete for UPS and 澳洲幸运5开奖号码历史查询:shipping rivals like FedEx (FDX). Tomé said the growth should allow UPS t🦋o return to growing its profits in the second half of 2024.

Executives said that 澳洲幸运5开奖号码历史查询:customers were trading down, picking lower🌟-cost services including Su🦋rePost, its "budget" business-to-consumer offering.

UPS also announced plans to restart its 澳洲幸运5开奖号码历史查询:stock buyback program with $500 million 𝔉over the rest of 2024, with plans to target $1 billion an🐼nually going forward.