UPS cuts margin and revenue forecasts as new labor contract weighs
Publishing timestamp: 2023-08-08 10:10:58
Summary
UPS cuts full-year revenue and margin forecasts due to new labor contract, shares fall. Labor deal includes wage hikes and other benefits, but UPS expects hit to volumes. Analysts see potential market share loss for UPS as positive for FedEx. UPS focusing on high-margin parcels to shield profit. CEO remains focused on capturing growth in attractive market segments.
Sentiment: NEGATIVE
Tickers: UPS,
Keywords: business news, earnings, labor economy, personnel, united parcel service inc, business, breaking news: business, transportation,
Source: https://www.cnbc.com/2023/08/08/united-parcel-service-ups-q2-earnings-report-2023.html