UPS slashes spending, halts stock buybacks - Fox Business
"Don't know that we'll ever get back to what we'd call the old normal, CEO says
United Parcel Service Inc. is doing more but making less.
The delivery giant is logging higher revenue as millions of homebound Americans shop online for everything from toothpaste to trampolines during the coronavirus pandemic. At the same time, the more profitable business of delivering big shipments to offices and stores has dried up since nonessential businesses were forced to shut their doors.
As the pandemic shocked the economy and upended consumer habits, UPS absorbed the blow, executives said. Home deliveries in UPS's main U.S. segment rose to nearly 70% by the end of March, compared with around 54% over all of last year. Operating profit for that business fell more than 40%.
"Don't know that we'll ever get back to what we'd call the old normal, CEO says
United Parcel Service Inc. is doing more but making less.
The delivery giant is logging higher revenue as millions of homebound Americans shop online for everything from toothpaste to trampolines during the coronavirus pandemic. At the same time, the more profitable business of delivering big shipments to offices and stores has dried up since nonessential businesses were forced to shut their doors.
As the pandemic shocked the economy and upended consumer habits, UPS absorbed the blow, executives said. Home deliveries in UPS's main U.S. segment rose to nearly 70% by the end of March, compared with around 54% over all of last year. Operating profit for that business fell more than 40%.
