Record Profits for UPS, Concessions for Us

Wall Street celebrated and UPS stock prices soared after the company announced peak season profits that were even higher than expected.

givebacks_thumb.jpg

UPS spent record amounts, including on new facilities, to handle growing e-commerce volume and the peak season rush. Even after those expenses, UPS’s profits, after taxes, topped $6 billion for the year.

The national contract imposed by the Hoffa-Hall administration delivered concessions, including two-tier 22.4 package drivers and part-time starting pay of just $13 an hour.

There’s something wrong with this picture. Top Teamster negotiators are not using our bargaining leverage to win the contracts we deserve—and the contract vote showed that the majority of UPS Teamsters know it.

Wall Street Celebrates, UPSers Look Ahead

UPS made $1.67 billion in fourth quarter profits, before tallying a one-time $1.24 billion charge based on the market value of their pension holdings. That bookkeeping adjustment left the company’s official fourth quarter net income results at $453 million, and their official profit figure for the year at $4.8 billion

Supply chain and freight revenue grew to $3.44 billion, despite management’s temporary shutdown of UPS Freight operations to bully members into accepting a weak contract.

Wall Street was thrilled with these numbers which beat analysts’ expectations.

UPS Teamsters are focused on other numbers, like the 54 percent majority of members that voted No to reject the company’s concessionary contract offer and the Two-Thirds loophole the Hoffa administration used to impose the contract.

What’s Next for UPSers Who Voted No

Teamsters for a Democratic Union (TDU) and the UPS Teamsters United campaign are taking action now to make sure last year’s concessionary contract is the last one.

We’re organizing elect local and International Union leaders who will stand behind UPSers and we’re organizing to eliminate the Two-Thirds Rule from the Teamster Constitution so we never see have another contract imposed on us again.

Read “What’s Next for UPSers Who Voted No”

Contact TDU

Become a TDU member

Read More:

UPS Jumps as Record Spending Pays Off for Handling Seasonal Rush

UPS Official Earnings Statement

Get Advice Join TDU Donate

Recent News

Zoom Call for IBT Election Volunteers on Saturday, August 14

TDU will hold a national zoom call on Saturday, Aug. 14 for Teamsters who are volunteering to elect the O’Brien-Zuckerman Teamsters United Slate. Join candidates, campaign coordinators and Teamster activists for an update and to make plans to Get Out the Vote and win this fall. Click here to register. 

Central States Assets Fall – But Relief is Coming!

The assets of the Central States Pension Fund fell to $9.8 billion at the end of March, a drop of $573 million in the first quarter.  The fund projects forward that it will pay $2.83 billion in pension benefits this year, while taking in $651 million in employer contributions.

View More News Posts