UPS shares fall after delivery giant reports disappointing earnings
Publishing timestamp: 2023-04-25 14:54:32
Summary
UPS reported first-quarter misses on both earnings and revenue, with CEO Carol Tom citing lower volume due to a deceleration in U.S. retail sales and ongoing demand weakness in Asia. The relatively weak report from UPS hints at a wider economic slowdown, and the company now expects its full-year earnings to fall within the low end of its initial outlook due to challenging macro conditions and changes in consumer behavior. The earnings report arrives as contract negotiations between UPS and its unionized workforce kick off, which could lead to a strike that would significantly derail UPS operations.
Sentiment: NEGATIVE
Tickers: UPS,
Keywords: united parcel service inc, transportation, business news, united states, retail industry, earnings,