Source: Sharecast
UPS said net income rose 6.6% in the three months ended 31 March $1.19bn, while adjusted earnings per share increased to $1.49 from $1.43, beating estimates of $1.38 per share.
Revenues were down 0.7% at $21.5bn, with domestic-package revenue up 1.4% to $14.46bn and international revenue growing 2.7% to $4.37bn to somewhat offset a 14.8% drop in supply-chain-solutions revenue to $2.71bn.
UPS, which has previously expected FY25 revenues of roughly $89.0bn, chose not to update its guidance "given the current macro-economic uncertainty" but did announce that it has begun a "network configuration" that will involve cutting roughly 4% of its workforce and closing 73 leased and owned buildings by the end of 2025 in anticipation of the loss of volume from its largest customer, Amazon.
As a result, UPS expects to record between $400.0m and $500.0m in expenses, including building closures and employee severance benefits.
As of 1515 BST, UPS shares were down 0.12% at $96.96
Reporting by Iain Gilbert at Sharecast.com