United Parcel Service (UPS) reported better-than-expected Q1 earnings due to cost-cutting measures as revenue declined 5.3%.
United Parcel Service (UPS) reported better-than-expected earnings for the first quarter, driven by cost-cutting measures that offset a decline in demand for small-package delivery. The company's revenue of $21.7 billion was down 5.3% from last year, but it earned $1.43 per share, surpassing analyst estimates of $1.30 per share. Despite the challenging economic environment, UPS's shipping volumes showed a slower rate of decline in Q1, with average daily volumes decreasing 3.2% year-over-year in the U.S. domestic segment and dropping 5.8% year-over-year in the international segment.
April 23, 2024
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