United Parcel Service, Inc. (NYSE: UPS) reported a double-digit fall in profit for the fourth quarter of 2023 when the cargo company’s revenues declined 8%.
On an adjusted basis, December-quarter profit plunged 32% annually to $2.47 per share. Unadjusted net income was $1.61 billion or $1.87 per share in Q4, compared to $3.45 billion or $3.96 per share in the same period of 2022.
The weak bottom line performance reflects an 8% decrease in fourth-quarter revenues to $24.5 billion. Both US Domestic revenues and International revenues decreased by 7%.
“I want to thank UPSers for providing the best on-time performance of any carrier for the sixth year in a row. 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,” said Carol Tome, CEO of UPS.