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    Rob Salmon

    Vice President and Equity Research Analyst at Wells Fargo & Company

    Rob Salmon is a Vice President and Equity Research Analyst at Wells Fargo & Company, focusing on financial sector equities. With a coverage portfolio that includes major public financial companies, he delivers research insights and investment recommendations drawn from extensive market analysis. Salmon began his analyst career before joining Wells Fargo and has accumulated over two years of experience at the firm, reflecting a career marked by rigorous research and ongoing professional growth. He maintains active registration with relevant industry authorities and holds securities licenses necessary for his analyst role.

    Rob Salmon's questions to UNITED PARCEL SERVICE (UPS) leadership

    Rob Salmon's questions to UNITED PARCEL SERVICE (UPS) leadership • Q2 2025

    Question

    Rob Salmon of Wells Fargo requested more color on how international package margins trended during Q2 amid the significant decline in the China-U.S. trade lane and asked for expectations for the third quarter.

    Answer

    CFO Brian Dykes credited the international team's agility, noting over 100 ad-hoc flight adjustments were made in Q2 to manage the shifting trade flows. He acknowledged this created some 'frictional costs' and projected Q3 international margins would be similar to Q2's. He expects margins to improve as tariff situations stabilize, allowing for more permanent capacity adjustments. CEO Carol Tomé added that margins were also impacted by lower demand-related surcharges, a headwind that the company will lap in Q4.

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