[COVID reductions...] UPS cuts 48,000 jobs in the year to date as its turnaround continues
"Leroy N. Soetoro" <[email protected]>
| Newsgroups | alt.society.labor-unions,alt.business,talk.politics.guns,alt.politics.republicans,sac.politics,alt.society.liberalism |
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https://apnews.com/article/ups-amazon-layoffs-turnaround- 85afc1c459883f41a2283c8394ce1eaf United Parcel Service posted third-quarter results that handily beat Wall Streets expectations and gave details about its turnaround efforts, including approximately 48,000 job cuts. Shares rose more than 7% in afternoon trading on Tuesday. UPS earned $1.31 billion, or $1.55 per share, for the three months ended Sept. 30. The Atlanta-based company earned $1.99 billion, or $1.80 per share, a year earlier. Removing one-time costs, earnings were $1.74 per share. That easily topped the $1.31 per share that analyst polled by Zacks Investment Research were calling for. Revenue totaled $21.42 billion, surpassing Wall Streets estimate of $20.84 billion. UPS said in a regulatory filing that it has cut about 34,000 operational positions and closed daily operations at 93 leased and owned buildings during the first nine months of this year as part of its turnaround plan. The company also announced approximately 14,000 job cuts, mostly within management. It said that it is still looking to identify additional buildings to close. In April UPS announced that it was looking to slash about 20,000 jobs and close more than 70 facilities as it drastically reduces the number of Amazon shipments it handles. At the time, the company said that it anticipated closing 73 leased and owned buildings by the end of June. The company noted that it was still reviewing its network and might identify more buildings to be shuttered. In January UPS announced that it had reached a deal with Amazon, its biggest customer, to lower its volume by more than 50% by the second half of 2026. During UPS fourth-quarter earnings conference call in January, CEO Carol Tomé said that the company had partnered with Amazon for almost 30 years and that when its contract came up this year, UPS decided to reassess the relationship. UPS has realized cost savings of approximately $2.2 billion as of Sept. 30. It anticipates achieving $3.5 billion total year over year cost savings in 2025. -- November 5, 2024 - Congratulations President Donald Trump. We look forward to America being great again. We live in a time where intelligent people are being silenced so that stupid people won't be offended. Every day is an IQ test. Some pass, some, not so much. Thank you for cleaning up the disasters of the 2008-2017, 2020-2024 Obama / Biden / Harris fiascos, President Trump. Under Barack Obama's leadership, the United States of America became the The World According To Garp. Obama sold out heterosexuals for Hollywood queer liberal democrat donors.