Only $530,000,000/month profit
United Parcel Service’s revenue declined in the last quarter of 2023 as volumes in both its domestic and international businesses dropped.
The package-delivery giant said Tuesday that the top line of its U.S. business fell 7.3% in the fourth quarter while volumes fell at a similar rate. Volumes slid even further in its international business, driven primarily by softness in Europe.
Shares slid nearly 7% in premarket trading to $147.10.
Chief Executive Carol Tomé said 2023 was a “unique and difficult year.” The Atlanta-based company is guiding for annual revenue to return to growth in 2024 but still come in below 2022’s total.
Here is UPS’s quarter, by the numbers:
Revenue fell 7.8% to $24.92 billion, undershooting analyst projections, according to FactSet.
Profit fell by more than half to $1.61 billion.
Adjusted per-share earnings, which strip out one-time items, of $2.47 narrowly beat analyst forecasts, according to FactSet.
UPS expects $92 billion to $94.5 billion in revenue for 2024, with an adjusted operating margin of about 10% to 10.6%.