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Tuesday Ups Earnings Report
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<blockquote data-quote="local804" data-source="post: 474795" data-attributes="member: 1123"><p>UPS Profitable In Tough EconomyUPS has released its financial numbers for the fourth quarter of 2008. Brown continues to haul in substantial profits.</p><p></p><p>Despite the worst economic conditions in 70 years, UPS made $829 million from Oct. to Dec. 2008. Revenue went up 3.6 percent in 2008 to $51.5 billion. For the full year, UPS made an operating profit of $5.4 billion and after-tax profits of $3 billion.</p><p></p><p>The company took accounting write-offs, including a $548 million “goodwill impairment charge” and a $27 million “impairment charge” which reduced its after-tax profits for the fourth quarter to $254 million—a figure that has appeared in some press accounts.</p><p></p><p>Impairment charges allow a corporation to write off profits based on the falling value of its name or “goodwill.”</p><p></p><p>The company reported its operating profits, which paint a more accurate picture. The U.S. package operation alone made an operating profit of $932 million in the fourth quarter. International package made $366 million in profit. UPS Freight also made money despite the terrible conditions in the freight industry.</p><p></p><p>UPS Freight and the company’s logistics operations made $53 million in profit, before they took a write-off of $549 million “goodwill impairment.”</p><p></p><p>Declining Volume and Prospects for 2009</p><p></p><p>Total U.S. package volume fell by 4.4 percent. Ground volume was down 3.7 percent and Next Day Air volume dropped by 10.1 percent. The company is using the drop in volume to try to justify its elimination of full-time jobs in violation of Article 22.3 of our contract. But management doesn’t have a leg to stand on.</p><p></p><p>An arbitrator has explicitly rejected this argument in a previous case on the same issue with UPS. In a conference call with industry analysts and the press, management gave a gloomy forecast for the coming year.</p><p></p><p>“This year will undoubtedly be one of the most difficult in UPS’s history,” said Kurt Keuhn, UPS’s Chief Financial Officer.</p><p></p><p>The company also announced it is freezing management salaries and suspending its 401(k) match for nonunion employees. If the sups and suits are extra grumpy, you know why.</p></blockquote><p></p>
[QUOTE="local804, post: 474795, member: 1123"] UPS Profitable In Tough EconomyUPS has released its financial numbers for the fourth quarter of 2008. Brown continues to haul in substantial profits. Despite the worst economic conditions in 70 years, UPS made $829 million from Oct. to Dec. 2008. Revenue went up 3.6 percent in 2008 to $51.5 billion. For the full year, UPS made an operating profit of $5.4 billion and after-tax profits of $3 billion. The company took accounting write-offs, including a $548 million “goodwill impairment charge” and a $27 million “impairment charge” which reduced its after-tax profits for the fourth quarter to $254 million—a figure that has appeared in some press accounts. Impairment charges allow a corporation to write off profits based on the falling value of its name or “goodwill.” The company reported its operating profits, which paint a more accurate picture. The U.S. package operation alone made an operating profit of $932 million in the fourth quarter. International package made $366 million in profit. UPS Freight also made money despite the terrible conditions in the freight industry. UPS Freight and the company’s logistics operations made $53 million in profit, before they took a write-off of $549 million “goodwill impairment.” Declining Volume and Prospects for 2009 Total U.S. package volume fell by 4.4 percent. Ground volume was down 3.7 percent and Next Day Air volume dropped by 10.1 percent. The company is using the drop in volume to try to justify its elimination of full-time jobs in violation of Article 22.3 of our contract. But management doesn’t have a leg to stand on. An arbitrator has explicitly rejected this argument in a previous case on the same issue with UPS. In a conference call with industry analysts and the press, management gave a gloomy forecast for the coming year. “This year will undoubtedly be one of the most difficult in UPS’s history,” said Kurt Keuhn, UPS’s Chief Financial Officer. The company also announced it is freezing management salaries and suspending its 401(k) match for nonunion employees. If the sups and suits are extra grumpy, you know why. [/QUOTE]
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