UPS reported sharply lower earnings in the third quarter and said it expects lower revenue and thinner profit margins ahead. But it cited a slowing global economy, not its recent labor issues, for its gloomy forecast. UPS earned adjusted net income of $1.3 billion in the quarter, or $1.57 a share. “Volume that diverted during our labor negotiations is starting to return to our network,” said CEO Carol Tomé. The company attributed this lowered guidance to global macroeconomic uncertainty, not the lost business associated with the labor negotiations and cost of the new deal.

Source: CNN October 26, 2023 11:32 UTC