February 1, 2011: UPS profits soared to $5.8 billion after taxes in 2010, the company announced on Feb. 1. Brown’s profits hit $1.8 billion for the fourth quarter, including peak. In all, the company had $49.8 billion of revenue for the year.
The corporation’s profits went up much faster than its revenue—a 48 percent increase in profits, compared to an 8 percent rise in revenue. Why? Because UPS is squeezing more profit out of each employee by cutting and combining routes, layoffs, production harassment, supervisors working, 9.5 violations.
Profits are up but our working conditions and contract enforcement are down.
UPS says they will make even more money this year. The company is forecasting record profits. In the meantime, UPS Teamsters are taking a pounding.
Click here to read UPS’s press release on its earnings.