Tag: $UPS

UPS CEO Carol Tome said the costs incurred by the company for the new Teamsters contract are less than the ”$30 billion in new money” touted by the union, as the company aims to sell investors on the agreement.

United Parcel Service on Tuesday cut its full-year revenue and margin forecasts and its shares fell 5.1% in premarket trading, as the world’s largest delivery company expects a hit to volumes from a new labor contract.

Negotiations between the Teamsters and UPS deadlocked last week, with the world’s biggest package delivery company saying it had no more to give and the Teamsters demanding better pay for workers who missed out on labor shortage-driven pay increases during the COVID-19 pandemic.

United Parcel Service UPS +2.52% was falling in premarket trading Wednesday after the Teamsters union said talks with the management had ended without an agreement.