hercretired

Looks like earnings report Jan 30

https://investors.ups.com/news-event...onference-call

tnkrdrvr

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%.

jetlaggy

Reported that headcount will decrease in 2024 by 12,000...CEO says we have way too many managers

March 26 will be the big call that lays out the future plan.

dash8trash

Welcome to DRIVE 😬

tnkrdrvr

Too many managers?!? Shocking!

Thrust Hold

UPS is just 6 months behind everything that FedEx is doing. If you want a look into the future, just look at our threads.

BoilerUP

Q4'23 Adjusted (non-GAAP) Total Operating Profit: $2.787B
Q4'23 Adjusted (non-GAAP) Net Income: $2.117B
Q4'23 GAAP Net Income: $1.605B

2023 Adjusted (non-GAAP) YTD Total Operating Profit: $9.873B
2023 Adjusted (non-GAAP) YTD Net Income: $7.554B
2023 GAAP YTD Net Income: $6.708B

Absolutely nobody should be surprised that revenue, income and volume were down compared to the COVID spike-driven record highs of 2022...they were never going to be sustainable.

Lowslung

Exactly! The people who thought COVID ops were the new normal are the same people that get surprised when their car slows down when it’s pointed uphill. Unfortunately, there seem to be a lot of them.

Recliner

Am I reading that right....close to 10,000,000,000 billion in profit in 2023?

And they are cost cutting aggressively?

BoilerUP

Non-GAAP Adjusted Operating Profit (income) isn't the same thing as GAAP Net Income (profit).