09:55 AM EDT, 07/23/2024 (MT Newswires) -- (Updates with buyback program and price movement in last two paragraphs.)

United Parcel Service ( UPS ) reported Q2 adjusted earnings Tuesday of $1.79 per diluted share, down from $2.54 year earlier.

Analysts polled by Capital IQ expected $1.99.

Revenue for the quarter ended June 30 was $21.8 billion, compared with $22.1 billion a year earlier.

Analysts surveyed by Capital IQ expected $22.24 billion.

The company said it expects full-year 2024 revenue of about $93 billion, compared with prior guidance in a range of $92.0 billion to $94.5 billion. Analysts surveyed by Capital IQ expect $92.83 billion.

UPS also said it has restarted its share buyback program and is targeting around $500 million in repurchases in 2024.

The company's shares were down more than 12% in recent trading.

Price: 127.12, Change: -18.06, Percent Change: -12.44