UPS

Shipping giant UPS struggled with shifting consumer demands and rising costs, resulting in an earnings dip during the first three months of 2024.

Quarterly consolidated revenue, at $21.7 billion, fell 5.3% annually, and adjusted earnings per share, at $1.43, saw a 35.0% annual decline. Consolidated quarterly operating profit came in at $1.6 billion, which was off 36.5% annually.

The 2023 U.S. Parcel Shipping Index is out, and it shows Amazon leading the pack in a changing industry landscape.

FedEx and UPS have announced additional delivery charges for 82 zip codes, including major cities like New York, Los Angeles, and San Francisco.

Experts discuss the effects of UPS replacing FedEx as USPS' main air cargo provider, and what it means for the industry.

Following the news that UPS has been awarded what it labeled a “significant air cargo contract” by the United States Postal Service (USPS), which used to be handled by its biggest competitor, FedEx, there has been no shortage of feedback and opinions on the development.

UPS lands a major contract as it replaced FedEx as USPS's primary air cargo provider.

Atlanta-based global freight transportation and logistics services provider UPS said earlier today it has been awarded what it labeled a “significant air cargo contract” by the United States Postal Service (USPS). UPS officials said that this contract takes effect immediately while also expanding the existing relationship between UPS and USPS. And the company added that after a transition period, UPS will be the primary air cargo provider for USPS, moving the majority of USPS’s United States air cargo.

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UPS will invest $9 billion in automation, targeting efficiency and savings, while closing 200 U.S. facilities.

Atlanta-based global freight transportation and logistics services provider UPS unveiled details regarding its strategic growth and productivity initiatives and its three-year financial targets at its Investor Day. Company officials stated that through its ongoing “Customer First, People Led, Innovation Driven” strategy, UPS is focused on setting up to the company to be the “premium small package provider and logistics partner in the world.”

Quarterly revenue, at $21.7 billion, was off 2.3% annually, and operating income, at $1.24 billion, rose 16% annually. Earnings per share, at $3.51, topped the $3.05 from a year ago, topping Wall Street expectations of $3.30. Net income, at $879 million, was up 12% annually.

When Memphis-based global freight transportation and logistics services provider FedEx and global e-commerce giant Amazon ended their business relationship in 2019, one could have likely assumed, at the time, that the breakup was permanent.

UPS' President of Supply Chain Solutions Bill Seward discusses supply chain strategy, technology investments, and more at MODEX 2024.

UPS noted that with this move it is the first global small package carrier in Canada to provide committed Saturday ground residential delivery of shipments from the United States and within Canada at no additional charge.