UPS profit misses as stay-at-home orders fail to offset business deliveries drop - Bloomberg
United Parcel Service Inc. reported a 13 per cent drop in first-quarter profit, to US$965 million, as stay-at-home orders generated deliveries to people's homes but not enough to offset the higher costs and a drop in business deliveries.
UPS said Tuesday that it couldn't predict the depth or duration of "significant headwinds" caused by the coronavirus outbreak, so it withdrew forecasts about future revenue and profit.
The growth of stay-at-home restrictions meant the closure of many businesses that form the core of UPS' customer base. Supply chains that also generate delivery business were disrupted. UPS said commercial ground deliveries are down sharply.
United Parcel Service Inc. reported a 13 per cent drop in first-quarter profit, to US$965 million, as stay-at-home orders generated deliveries to people's homes but not enough to offset the higher costs and a drop in business deliveries.
UPS said Tuesday that it couldn't predict the depth or duration of "significant headwinds" caused by the coronavirus outbreak, so it withdrew forecasts about future revenue and profit.
The growth of stay-at-home restrictions meant the closure of many businesses that form the core of UPS' customer base. Supply chains that also generate delivery business were disrupted. UPS said commercial ground deliveries are down sharply.