April 28, 2015: UPS announced it hauled in over $1 billion in profits in the first quarter. The numbers show that harassment and outsourcing are paying big dividends for UPS execs, at a steep price for UPS Teamsters.
Hoffa and Ken Hall bragged the new contract would improve problems with harassment and Surepost. But that talk isn’t backed up by the numbers.
UPS’s revenue was lower than expected, but profits were higher. That means that UPS squeezed more profit out of every Teamster than even Wall Street expected. UPS SurePost rose by 77 percent.
The unit that includes UPS Freight and supply chain services showed 6.9% higher profit at $151 million, overall, the company reported profits of $1.03 billion after taxes.
UPS also announced that CEO Kurt Keuhn will retire on July 1. He will be replaced by a bean-counter, Martin Peretz, is currently Brown’s corporate controller and treasurer.
That appointment signals that UPS’s corporate direction will remain the same. But the direction of our Teamsters Union is in the members’ hands—and will be decided in the 2016 election which gets underway now.
Read media reports on UPS profits from the Wall Street Journal and Forbes.
Read UPS’s corporate profits report here.