UPS made $1.8 billion in profits after taxes in the second quarter—thanks to record volume and excessive overtime by UPS Teamsters.
Credit: Stefan Woidig, Creative Commons
The company’s profits are twice what Wall Street projected. The announcement sent stock prices soaring. Meanwhile, UPS Teamsters are taking a pounding.
Package volume is up 23 percent compared to last year at this time. Across the country, UPS drivers are working huge amounts of forced overtime. Understaffing is epidemic.
UPS now employs 9,000 two-tier 22.4 drivers who have no 9.5 rights thanks to the concessionary contract that Hoffa and Denis Taylor imposed over a membership note vote.
Of the 38,000 workers UPS has hired over the last year, 28,000 are part-timers.
UPSers will get an 80 cent wage increase on August 1. Part-time starting pay will go up to $14.50.
In the Media
Barrons: UPS Stock is Jumping After the Company Delivered Smashing Earnings