August 11, 2010: Profits are skyrocketing at UPS while working conditions continue to bottom out.
UPS executives announced that Brown hauled in more than $854 million in the second quarter. Brown’s profits increased by 90 percent compared to the second quarter last year. That’s $400 million more in profits.
In all, UPS made nearly $1.4 billion in profits after taxes in the first six months of this year alone. Package volume continues to increase. UPS Freight revenue is up by 10 percent.
Chief Financial Officer Kurt Kuehn told analysts that he expects profits to increase even more over the rest of the year despite the slow economic recovery.