United Parcel Service Inc Class B

UPS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$897.00	Jgbm	Gxmjxkjlr

UPS Earnings: Package Margins Disappoint; Management Tempers Guidance

Matthew Young

Apr 25, 2023

UPS' first-quarter top line fell 5% year over year (removing foreign exchange), below our forecast on lower-than-anticipated U.S. domestic package activity. Relative to first-quarter 2022, the revenue decline stems from falling package volumes along with rate and demand normalization for the truck brokerage and global forwarding operations, partly offset by higher fuel surcharges and core pricing gains in the package segments (adjusted package yield was up about 4.5%).

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