From CNBC:

UPS reported a decrease in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. The company announced 12,000 layoffs to save about $1 billion in costs. Shares of the package giant dipped more than 8%. 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%.

The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call. Shares of the package giant dipped more than 8%. For the last three months of 2023, UPS reported net income of $1.61 billion, or $1.87 per share, compared with $3.45 billion, or $3.96 per share, a year earlier. Adjusting for one-time items related to pensions and intangible assets, UPS earned $2.47 per share.

The company reported a 7.4% drop in average daily volume domestically and an 8.3% decrease internationally. Revenue declined 7.8% to $24.9 billion from $27 billion last year. The company also said it’s considering selling its Coyote truck brokerage business, which Tomé called a “highly cyclical” business with “considerable earnings volatility.”

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%. The company also said it’s considering selling its Coyote truck brokerage business, which Tomé called a “highly cyclical” business with “considerable earnings volatility.”



Read more: UPS announces 12,000 job cuts; reports drop in package volume