February 26, 2010: UPS raked in $757 million in profits in the Fourth Quarter—nearly tripling its profits over the same period last year. Overall, Brown made $2.15 billion in profits in 2009. That’s after taxes.
The company’s revenue is down from the Fourth Quarter last year—$12.4 billion compared to $12.7 billion. But profits are up because of “cost-cutting” according to press reports, including Teamster layoffs. Brown is squeezing higher profits out of fewer employees.
“UPS has emerged from the worst recession in decades leaner and more focused,” said CEO Scott Davis.
Too bad UPS Teamsters can’t say the same about our union, which has grown soft on enforcing our contract and protecting our job security.
Production harassment, 22.3 full-time job elimination, 9.5 violations, and other contract violations are up. And so are UPS’s profits.