UPS cuts its financial outlook for 2023 after tense labor negotiations with the Teamsters increase costs for the delivery giant.
, including air conditioning in new models of the company’s brown delivery trucks.
A UPS delivery truck is seen parked in Pittsburgh. The UPS Teamsters contract covering more than 340,000 full-time and part-time workers expires on July 31, 2023.Meanwhile, the delivery company also posted a 10.9% drop to $22.1 billion in consolidated revenue for the second quarter. "UPS is stronger than ever. Looking ahead, we will stay on strategy to capture growth in the most attractive parts of the market and make our global integrated network even more efficient" UPS chief executive Carol Tomé said despite the revenue decrease. Tomé also thanked UPS customers for remaining with the company throughout the labor negotiations.UPS consolidated operating profits for the second quarter reached $2.8 billion, down 21.
A United Parcel Service driver makes a delivery along the coast of Cape Cod on July 24, 2023 in Orleans, Massachusetts. UPS employees threatened to go on strike if contract talks between UPS and the Teamsters Union, which represents more than half ofDiluted earnings per share peaked at $2.42, 22.8% below the year $2.54 from the year-ago period. UPS shares have gained 4% this year, trailing the S&P 500's nearly 17% gain over the same period.
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