UPS expects another decline in the new year after surprising revenue growth in the current quarter.
Although UPS CEO Carol Thomé forecast sales of $97 billion to $99.4 billion for 2023, this estimate is more pessimistic than analyst estimates. Clean adjusted operating income will also decrease and WILL be between 12.8 and 13.6 percent, compared to 13.8 percent last year.
In the current quarter, sales fell by 3 percent to $27 billion, but analysts had still expected an increase. There was a decline in shipments in both the US market and international business. Adjusted operating profit also fell a whopping 3 percent. The bottom line is that UPS earned almost 12 percent more than in the same period last year at just under 3.5 billion dollars. However, this was mainly due to a positive effect on employee pensions. This is reported by the German aviation portal Aero.
Despite this, shareholders will start receiving an adjusted dividend beginning in the first quarter of 2023, which has been increased to $1.62 per share. In addition, the company plans to invest money in buying back its own shares. The board of directors has earmarked $5 billion for this, of which $3 billion will flow in the current year.
UPS expects lower revenues in the new year was first published on Aviation.Direct.
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