After UPS reported better than expected Q1 adjustedEPS, shares of the company are now down more than 2 percent.

UPS reported an adjusted EPS (percentage per share) of $3.05 for the quarter. This is up from $2.77 per stock in the previous year and surpasses the consensus estimate of $2.88 per stock. Revenue was $24.38 Billion. That’s 6.4% more YoY than the consensus projection of $23.8 Billion.

U.S. revenue from package sales increased by 8.8% YoY to $15.12billion, beating consensus estimates of $14.84billion. UPS’ international revenue from package sales was $4.88 Billion, an increase of 5.8% YoY. This is in line with analyst expectations of $4.87 Billion. The revenue from supply chain solutions reached $4.38billion YoY, which is 2% more than the $3.97 billion estimates.

The company’s revenue projection for the year was $102 billion. This is in contrast to consensus estimates of $102.13 trillion.

UPS said that its goal is to increase share repurchase targets to $2B this year and anticipates receiving dividend payments in the range of $5.2 billion.

Fadi Chamoun, a BMO analyst noted that Supply Chain Solutions was driving the beat and International results were below expectations.

Cowen analyst Helane Becker said she expected the UPS stock to “trade up on the earnings beat, the reaffirmed 2022 guidance and the additional planned stock repurchases.”

“The main difference in our estimates vs the actual results was in US Domestic package, where we underestimated 1Q revenue. In addition, we overestimated 1Q expenses associated with purchased transportation,” she said in a client note.

Vital Knowledge described results as “solid.”

By Senad Karaahmetovic