April 27, 2010: UPS executives announced that the company hauled in $533 million in profits after taxes in the first quarter of 2010. Brown’s profits are up by 33 percent or $132 million compared to the first quarter last year.
Package revenue is up even more—spiking 46 percent compared to the first quarter last year. Brown execs say that daily package volume increased by 2.7 percent and they expect it to climb again in the second quarter.
The company increased its projections for the rest of 2010, saying they expect profits to increase by 32 to 43 percent for the year. That means they expect to make up to $3 billion in profits after taxes this year.
UPS Freight is also doing well, increasing revenue by 6 percent over the first quarter of 2009. UPS Freight and Supply Chain net profits jumped to $91 million for the quarter, compared to $40 million for 2009.
Profits are up and going higher. Same with volume. But working conditions and contract enforcement are moving backwards.
It’s time to make UPS and the Hoffa administration deliver some good news for UPS Teamsters—and not just UPS shareholders.