UPS 3Q revenue drops nearly 15%
UPS on October 22 reported revenues of $11.2 billion for this year's third quarter, a year-over-year decline of 14.9% from last year's $13.1 billion.
The shipper also saw its average volume per day drop 3.9% from 14.9 million packages to 14.3 million. Operating profit during the third quarter dropped to $929 million from $1.63 billion last year, a decrease of 43%.
The numbers beat analysts' expectations, according to published reports.
Kurt Kuehn, UPS' CFO, said in a statement that the outlook for the rest of the year is unclear.
“Our customers have widely differing views on their outlook for the holiday season,” he said.