UPS (NYSE:UPS) reported a drop in fourth-quarter revenue and profits for 2023 today, attributing the declines to a challenging economic environment.
The company said its consolidated revenues fell 7.8% to $24.9 billion compared to the same period last year. Operating profits plunged 22.5% to $2.5 billion. Earnings per share came in at $1.87, while adjusted earnings per share were $2.47, a 31.8% decrease from the fourth quarter of 2022.
UPS cited several charges that impacted its results, including a $512 million pre-tax charge comprised of a non-cash pension charge, transformation and restructuring costs, and an impairment related to its Coyote logistics business.
"I want to thank UPSers for providing the best on-time performance of any carrier for the sixth year in a row," said CEO Carol Tomé. "2023 was a unique and difficult year, and through it all, we remained focused on controlling what we could control, stayed on strategy, and strengthened our foundation for future growth."