UPS Profits Surge as Hoffa Admin Says Concessions Must Stick

This morning, UPS announced third-quarter profits of $1.5 billion and new projections that the company will make between $6.1 and $6.4 billion in profits after taxes this year. But the Hoffa administration still won’t budge from imposing contract givebacks over a No Vote of the members.

Here are today’s numbers according to UPS executives.

  • Revenue for the third quarter grew to $17.44 billion—up 7.9%
  • Average daily package volume rose 2.7% and average revenue per package grew by 4%
  • Profits leaped by $250 million compared to the third quarter last year, growing from $1.26 billion to $1.51 billion.

Volume is up. Revenue is up. Profits are up. You know what else is up? Teamster participation in the UPS contract vote. Thirty thousand more UPSers voted on the contract in 2018 than five years ago—an increase in voter participation of nearly 50%.

But so far the Hoffa administration is sticking to its bogus claim that voter turnout required the IBT to ratify the contract. Denis Taylor is digging in on imposing his two-tier 22.4 driver giveback and part-time starting pay that is $2 an hour less than Amazon’s minimum wage.

The Wall Street Journal reported today that both the Teamsters and UPS, “said they would return to the negotiating table ahead of the holiday season.”  

But members have heard nothing from Hoffa who has finally returned from a 10-day trip to Singapore in the middle of the UPS contract crisis.

UPS Freight Revenue Up, Bargaining this Week

The IBT and UPS Freight are bargaining this week, as members expect action on the key issues of protecting jobs from subcontracting, wage increases that match inflation, and more.

UPS today announced that “UPS Freight revenue is up 11.4% on strong pricing and tonnage growth” and that their UPS Freight and Supply Chain Division made a profit of $260 million for the 3rd quarter, up 33.3% over last year.  

 

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