UPS has released its financial results for the fourth quarter of 2023, showing a 7.8% year-on-year decline in revenues to US$24.9bn and a fall of 22.5% in profits to US$2.5bn.
The fall in revenue was driven by a decrease in average daily mail volumes in the domestic and international segments – 7.4% and 8.3% respectively. Overall in 2023, revenue fell by 9.3% to US$91bn and operating profits were down 28.7% to US$9.9bn compared with the 2022 financial year.
“I want to thank UPSers for providing the best on-time performance of any carrier for the sixth year in a row,” said Carol Tomé, UPS chief executive officer. “2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth.”
For the full year 2024, UPS expects revenue to be between US$92bn and US$94.5bn. The company is planning capital expenditures of about US$4.5bn and dividend payments of around US$5.4bn, subject to board approval.
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