After missing millions of deliveries on Christmas in 2013, United Parcel Service Inc.(UPS:US) promised it would do better next time. It hired thousands more workers to ensure it could handle a deluge of shipments on its busiest days.
The improvements worked, maybe too well.
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Today, UPS released its first quarter earnings report. The company made $1.7 billion in profit for the first quarter. Profitability beat expectations.
US Parcel volume declined 3.2% compared to the first quarter of 2023, from around 18.6 million average daily packages in 2023 to 18.1 million in the first quarter of 2024. But, the steepest decline was confined to January, with volume recovering in February and March.
Last year, Local 771 members elected new local leaders on a program of building union power by involving members. Now nearly 500 grocery Teamsters at Albertsons have won a new contract that includes record wage increases and benefit improvements.
