Yesterday was a pretty fugly day at United Parcel Service (UPS). We’re heavy into reporting season, the freight company had to announce their earnings, and it amounted to a bummer of a call as far as those went.
…“2023 was a unique, and quite candidly, difficult and disappointing year. We experienced declines in volume, revenue and operating profits and all three of our business segments,” [CEO Carol] Tomé said.
…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.
Revenue declined 7.8% to $24.9 billion from $27 billion last year.
In what should be alarming numbers for anyone watching the overall state of our #Bidenomics buffeted economy, UPS lost money because…
