Analyst Note
| Matthew Young, CFA |UPS' first-quarter results were generally in line with our forecasts, but included many ups and downs. Total year-over-year revenue growth of 6% exceeded our expected run rate on better-than-expected yields (revenue per package), but overall package volume fell short, especially internationally. Consolidated operating margin (up 70 basis points) was mostly in line due to outperformance in the supply chain segment, as domestic and international margins came in just shy of our expectations, likely due to lost volume-related leverage.