UPS Q3 revenue down in all segments
UPS has published its financial report Q3/2023, showing downward trends in comparison to 2022. Consolidated revenues were USD 21.1 billion, a 12.8% decrease from Q3/2022.
Operating profit margin and diluted earnings per share were nearly 50% down on last year’s values. Business in both the USA and international segments was down by around 11%, supply chain suffered a decrease of 21.4%.
“While unfavourable macro-economic conditions negatively impacted global demand in the quarter, our US labor contract was fully ratified in early September and volume that diverted during our labour negotiations is starting to return to our network,” said Carol Tomé, UPS CEO.
Based on these results, UPS is now updating its 2023 targets, expecting a consolidated revenue between USD 91.3 billion and USD 92.3 billion and a lower operating profit margin. (mk)