UPS announced Tuesday that it plans to cut 12,000 jobs after its revenue forecast missed analysts' estimates. UPS said in a statement to FOX Business that its right-sizing its global workforce after having lower volume and seeing a more than $9 billion decline in revenue year over year. The company blamed these issues on the "dynamic external and economic conditions" in 2023. UPS Chief Executive Carol Tomé echoed this in the company's earnings report, saying that 2023 was "a unique and difficult year."  THE ...

United Parcel Service, Inc. (UPS) fourth-quarter 2023 earnings per share of $2.47 beat the Zacks Consensus Estimate of $2.44 but declined 31.7% year over year. Revenues of $24.91 billion fell short of the Zacks Consensus Estimate of $25.30 billion and decreased 7.8% year over year.UPS generated $10.23 billion of net cash from operating activities in 2023. Capital expenditures were $5.15 billion. Free cash flow was $5.25 billion. The overall adjusted operating profit fell 27.1% year over year to $2.78 billio ...

United Parcel Service, Inc. (NYSE:UPS) Q4 2023 Earnings Conference Call January 30, 2024 8:30 AM ET Corporate Participants PJ Guido - Investor Relations Officer Carol Tome - Chief Executive Officer Brian Newman - Executive Vice President and Chief Financial Officer Nando Cesarone - Executive Vice President and President, US Kate Gutmann - Executive Vice President and President International, Healthcare and Supply Chain Solutions Conference Call Participants Chris Wetherbee - Citigroup David Vernon - Bernste ...

UPS is cutting jobs and considering selling one of its businesses as shipping volumes decline.The shipping giant will eliminate 12,000 positions — chiefly full-time and part-time management roles and contract workers — in a bid to save $1,000,000, the company said during an earnings call Tuesday (Jan. 30).“2023 was a unique and, quite candidly, difficult and disappointing year,” said UPS CEO Carole Tomé. “We experienced declines in volume, revenue and operating profit and all three of our business segments. ...

United Parcel Service, Inc. (NYSE:UPS) narrowly beat fourth-quarter earnings expectations, while revenue of 24.9 million missed the mark. The delivery giant's full-year revenue forecast came in below analysts' estimates of $95.57 billion, amid weakened international and domestic e-commerce demand. Additionally, the company will cut 12,000 jobs and explore strategic options for truckload freight brokerage business Coyote.UPS is down 7.9% at $145.62 at last check, but the $144 region, which rejected an Octobe ...

The job cuts in 2024 are continuing.UPS is set to reduce its headcount by 12,000 jobs in 2024 following a historic pay agreement with its drivers.UPS CEO Carol Tomé cited soft demand and the recent labor contract as reasons for missing analysts' expectations on a Tuesday earnings call. The subsequent moves are a part of the company's "fit to serve" initiative, and Tomé said it will save UPS $1 billion in 2024.Three-quarters of the layoffs will take place in the first half of the year. About 14% of the shipp ...

For the quarter ended December 2023, United Parcel Service (UPS) reported revenue of $24.92 billion, down 7.8% over the same period last year. EPS came in at $2.47, compared to $3.62 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $25.31 billion, representing a surprise of -1.54%. The company delivered an EPS surprise of +1.23%, with the consensus EPS estimate being $2.44.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

United Parcel Service (UPS -7.70%) failed to deliver for investors this earnings season, and the stock is trading off as a result. Shares of UPS opened down 8% on Tuesday on weak revenue and tepid guidance for 2024.Weakness across the boardUPS came into earnings season under a lot of scrutiny. As 2023 progressed investors grew increasingly concerned about the strength of the economy, and with it shipping volumes. The company's quarterly results and outlook did little to ease those concerns.UPS earned $2.47 ...

United Parcel Service (NYSE:UPS) layoffs are coming for the delivery company’s employees in 2024 after the company reported lackluster earnings on Tuesday.The United Parcel Service layoffs will result in the company cutting 12,000 jobs after it saw package volume decrease during its previous quarter. That includes both 7.4% domestic and 8.3% international shipping declines.The UPS layoffs are part of the company’s effort to adjust its resources for a better 2024. The job cuts will also help it reduce spendi ...

Key TakeawaysUnited Parcel Service's (UPS) fourth-quarter results were weighed down by lower shipping volumes and additional charges.Net income was more than halved to $1.61 billion.A $512 million charge shaved off 60 cents per share from earningsFourth quarter revenue declined 7.8% to $24.9 billionUnited Parcel Service's (UPS) fourth-quarter results were weighed down by lower shipping volumes and additional charges. The company's shares fell more than 6% in pre-market trading.Net income fell 54% compared t ...