UPS forecasts 2023 revenue at lower end as freight volumes remain under pressure

UPS’ shares fell 5.1% at $185.75 in premarket trade after it forecast full-year revenue to be about $97-billion

on Tuesday pegged full-year revenue at the lower-end of its prior forecast and warned of persistent pressure on parcel volumes, deepening the gloom for the shipping industry pummelled by high inflation.

“Deceleration in U.S. retail sales resulted in lower volume than we anticipated, and we faced ongoing demand weakness in Asia … Given current macro conditions, we expect volumes to remain under pressure,” UPS Chief Executive Carol Tomé said. UPS’ shares fell 5.1 per cent at $185.75 in premarket trade after it forecast full-year revenue to be about $97-billion, at the lower end of its prior forecast of $97-billion to $99.4-billion. Analyst were expecting $98.14-billion, as per Refinitiv data.

The U.S. shipping industry is also bracing for the July 31 expiration of the contract covering UPS’s Teamsters-represented workers. FedEx and other rivals are using the prospect of a potential strike to woo business away from UPS.

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