UPS to boost global trade with enhanced operations at new hub at Hong Kong International Airport

First Quarter 2024 Results: *Sales and adjusted sales both increased 13% to $341.4 million, compared to $302.8 million during the same period last year. *Gross profit increased 20% to $194.8 million, or 57.1% of sales, compared to $161.9 million, or 53.5% of sales, in the first quarter of 2023. The 360 basis point increase in gross margin was primarily due to lower inbound freight costs and lower product costs. *Operating income increased 71.0% to $25.8 million, or 7.6% of sales, compared to $15.1 million, or 5.0% of sales during the prior year quarter. *Net income increased 50% to $15.9 million, or 4.6% of sales, compared to $10.6 million, or 3.5% of sales in the prior year quarter; Net income per diluted share was $0.18, compared to $0.12 in the prior year quarter.

Total revenues for the second quarter of 2021 increased 23.5 percent to $498.5 million from $403.8 million in the second quarter of 2020. Subscription revenues increased 15.7 percent to $339.2 million, advertising revenues increased 66.4 percent to $112.8 million and other revenues increased 8.7 percent to $46.5 million. Compared with the second quarter of 2019, total revenues increased 14.3 percent, as subscription revenues increased 25.4 percent, advertising revenues declined 6.6 percent and other revenues increased 3.3 percent. Total operating costs increased 12.4 percent in the second quarter of 2021 to $421.4 million compared with $374.9 million in the second quarter of 2020, while adjusted operating costs increased 15.4 percent to $405.6 million from $351.6 million in the second quarter of 2020. Compared with the second quarter of 2019, total operating costs increased 5.8 percent, while adjusted operating costs increased 6.5 percent.

Two Sides North America (TSNA) President Kathi Rowzie announced that Jules Van Sant and Jill Crossley have joined the TSNA leadership team as Executive Director and Director of Operations, respectively. “I am thrilled to welcome these two outstanding professionals to help lead Two Sides North America into the future,” Rowzie said. “As we continue to grow, Jules and Jill bring a wealth of sustainability knowledge and industry experience that will add value to everything we do for our members and will make us even more effective in eliminating anti-paper greenwashing and telling the great sustainability story of print, paper and paper-based packaging.”