United Parcel Service Inc Class B

UPS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$198.00	Hjx	Hnfgysmh

UPS Earnings: Domestic Package Diversions and New Labor Contract Weigh on Near-Term Outlook

Matthew Young

Aug 8, 2023

UPS' second-quarter top line fell 11% year over year (removing foreign exchange); below our forecast, largely from lost U.S. domestic package volumes as shippers diverted freight ahead of a threatened Teamsters strike. Relative to second-quarter 2022, the revenue decline stems from lower overall package volumes, rate and demand normalization for the truck brokerage and global forwarding operations, and now-falling fuel surcharges. That said, core pricing remains positive, which we expect to persist.

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