July 24, 2009: UPS announced after-tax profits of $445 million for the second quarter of 2009, up from $401 million in the first quarter.
Given the global economic downturn, UPS’s volume and profits are both down from last year. UPS made $873 million in the second quarter of 2008. Market Watch reports that Brown’s earnings were in line with analyst expectations.
In the worst economy in our lifetimes, UPS has turned $846 million in after-tax profits in the first six months of the year. By comparison, FedEx lost $779 million from Dec. 1, 2008 to May 31, 2009—the most recent six months for which the company’s earnings info is available.
Brown knows how to make money—but not how to recognize the working Teamsters who make its profits possible. Drivers across the country report that management is laying off drivers, combining routes, and saddling up the remaining workforce with excessive overtime.
Enforcing 9.5 language (Article 37) and the contract provisions requiring UPS to maintain 20,000 combo jobs (Article 22.3) would mean job security and full-time job opportunities for Teamsters who need them.
In this tough economy, working Teamsters continue to deliver results. It’s time for our International Union to do the same.
Click here to read UPS’s press release on its Second Quarter profits.
Click here to read a Market Watch report on UPS profits.