UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report.
The company also announced 12,000 layoffs as part of an effort to align resources in 2024.
The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call.
We experienced declines in volume, revenue and operating profits and all three of our business segments," Tomé said.
$2.47 vs. $2.46 per share expected, according to LSEG, formerly known as Refinitiv Revenue: $24.92 billion vs. $25.43 billion expected.
The company reported a 7.4% drop in average daily volume domestically and an 8.3% decrease internationally.
UPS' 2024 outlook expects revenue to range from $92 billion to $94.5 billion, with an adjusted operating margin of about 10% to 10.6%. »
