UPS - UPS Earnings Show The Weight Of $170000 Compensation While It Learns To Navigate Shipping Slump (UPDATED) | Benzinga

Editor’s note: This story has been updated to reflect that $170,000 in compensation for UPS drivers is a figure stated by UPS CEO Carol Tomé that includes both wages and benefits at the end of a five-year contract.

A substantial slowdown in the shipping business caused United Parcel Service, Inc. (NYSE:UPS) to deliver lackluster first-quarter results on Tuesday.

When compared to the same period last year, revenue declined 5.3% and operating profit was down 31.5% when adjusting for inflation. 

The large drop in operating profit stems from recent negotiations between UPS and the Teamsters, the labor union that represents the company's employees. 

The historic negotiation closed last August, bringing higher wages and overall better working conditions to 340,000 UPS Teamsters, many of whom will reach $170,000 in wages and benefits by the end of the five-year contract, UPS CEO Carol Tomé said in a 2023 Full story available on Benzinga.com