The article argues that adjusted operating profit margin is the key metric for judging UPS's shift from lower-margin Amazon deliveries toward higher-margin e-commerce deliveries. After raising guidance, UPS expects full-year revenue of $91.2 billion and adjusted operating profit of about $8.65 billion, which implies a 9.48% margin, below the 9.6% initially forecast. Most of the revenue increase is likely due to fuel surcharges, and the net difference between surcharges and fuel and third-party costs was $429 million, roughly equal to the rise in profit guidance. Management has guided to a 7.5% full-year adjusted operating margin for U.S. Domestic Package, and the article says failing to meet these levels would suggest margins are not progressing as hoped.
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