Highlights

  • US- based shipping and logistics company, United Parcel Service announced its plans to cut 12,000 jobs
  • Cost-saving move aimed at achieving 1 billion dollars in savings

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UPS to cut 12,000 jobs, targeting $1 billion in cost savings

UPS has projected its 2024 revenue to fall within the range of approximately 92 billion dollars to 94.5 billion dollars, according to company reports. However, analysts survey had predicted a higher revenue

UPS to cut 12,000 jobs, targeting $1 billion in cost savings

US- based shipping and logistics company, United Parcel Service announced its plans to cut 12,000 jobs in a cost-saving move aimed at achieving 1 billion dollars in savings. The layoffs, predominantly affecting managers and contractors, follow a disappointing sales outlook for the year.

UPS has projected its 2024 revenue to fall within the range of approximately 92 billion dollars to 94.5 billion dollars, according to company reports. However, analysts survey had predicted a higher revenue of 95.51 billion dollars for the same period.

The company faced business losses in 2023 as customers, concerned about a potential Teamsters strike, shifted shipments to competitors like FedEx. The report further added that while UPS expects to reclaim most of that business, it has only recovered approximately 60% so far.

On a conference call on Tuesday morning, CEO Carol Tome said that by reducing the company's headcount UPS will realise USD 1 billion in cost savings.

“We are going to fit our organisation to our strategy and align our resources against what's wildly important,” Tome said.

She also announced that this year UPS is returning to a policy of having its employees back in the office five days a week.

Earnings for the quarter ended in December slid by more than half to USD 1.61 billion, or USD 1.87 per share, from USD 3.45 billion, or USD 3.96 per share. On an adjusted basis, quarterly earnings per share totalled USD 2.47, a penny above the average estimate, according to FactSet.

The company's board approved an increase of 1 cent in its quarterly dividend to USD 1.63 per share, payable March 8 to shareholders of record February 20.


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