UPS profits for the second quarter went up, even though revenue is down. The company is squeezing more profits out of every package and every worker.
UPS posted second-quarter $1.23 billion in profits after taxes. Brown’s profits were 171 percent higher than they were in the second quarter last year.
The profit spike was boosted by a one-time charge on the company’s books for last year related to retiree healthcare. But even adjusting for that, UPS profits were still up by 12 percent from last year—on less revenue.
UPS is squeezing more profits out of every package and every worker thanks to a concessionary contract from Hoffa-Hall that has opened the door to more harassment, heavier loads, more speed-up, and more subcontracting through Surepost and Access Point.
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