U.S. UPS to cut 12K jobs as ’24 revenue forecast declines

U.S. United Parcel Service (UPS) company is planning to cut 12,000 jobs after it lowered its 2024 revenues forecast between $92 billion and $94.5 billion, Reuters reported on Tuesday citing the company’s 4Q 2023 Earnings report.

The company forecasts consolidated adjusted operating margin on the range of 10.0 per cent to 10.6 per cent. It is planning capital expenditures of about $4.5 billion and dividend payments of around $5.4 billion, subject to board approval.

UPS achieved consolidated revenues of $24.9 billion in the fourth quarter of 2023, remarking a 7.8 per cent drop from the same period in 2022. It added that the consolidated operating profit was $2.5 billion in Q4 of 2023, down 22.5 per cent in Q4 of 2022.