On July 28, United Parcel Service Inc fell 5.44% in regular trading, trading at $105.74/share, with turnover of $136 million, marking its steepest single-day decline since May.

On the news front, the company reported Q2 results before market open, with revenue of $22.8 billion and adjusted EPS of $1.76, both exceeding consensus estimates. The company also raised its full-year revenue guidance to $91.2 billion, above the prior $89.7 billion forecast and the FactSet estimate of $90.43 billion. Daily package volume reached 19.01 million pieces, with average revenue per piece at $15.96.

However, UPS disclosed that cumulative transformation costs reached $1.8 billion as of June 30, with $1.2 billion incurred in the current year alone. The company expects full-year adjusted operating expenses to exclude $1.3 to $1.5 billion in restructuring charges, with the transformation strategy set to complete by early next year. Despite the confirmed reduction of 2 million daily low-margin Amazon packages and expansion into US-Mexico air freight, investors opted to take profits amid near-term margin pressure from elevated transition spending.

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