American Dollar to Canadian Dollar = 0.770086; American Dollar to Chinese Yuan = 0.147079; American Dollar to Euro = 1.141497; American Dollar to Japanese Yen = 0.008792; American Dollar to Mexican Peso = 0.054932.

UPS announced third-quarter 2024 consolidated revenues of $22.2 billion, a 5.6% increase from the third quarter of 2023. Consolidated operating profit was $2.0 billion, up 47.8% compared to the third quarter of 2023, and up 22.8% on a non-GAAP adjusted basis. Diluted earnings per share were $1.80 for the quarter; non-GAAP adjusted diluted earnings per share were $1.76, 12.1% above the same period in 2023. For the third quarter of 2024, GAAP results include an after-tax net benefit of $36 million, or $0.04 per diluted share, comprised of a $152 million gain resulting from the divestiture of the Coyote Logistics business net of transformation strategy costs of $116 million.

The American Trucking Associations praised the introduction of the Modern, Clean, and Safe Trucks Act of 2021 by Senators Todd Young (R-Indiana) and Ben Cardin (D-Maryland). The bipartisan legislation would repeal the 12% federal excise tax on heavy-duty trucks, which currently adds approximately $22,000 to the cost of a new tractor-trailer. “The federal excise tax on heavy trucks is a relic from the First World War that’s now serving to keep cleaner, safer trucks off of our nation’s roads today,” said Chris Spear, president and CEO of American Trucking Associations. “By repealing this antiquated tax, Congress can deliver a win for the environment, highway safety, manufacturing jobs and supply-chain efficiency. We thank Senators Young and Cardin for their bipartisan leadership in advancing a common-sense solution to the benefit of American truckers and the motoring public.” Although technological advances have made the latest tractor-trailers cleaner and safer than ever before, the FET creates a disincentive for motor carriers to modernize their fleets by placing a punitive surcharge on investments in new equipment. As a result, the average age of a truck on the road today is nearly ten years old.