UPS shares fell as the world's biggest package delivery company forecast disappointing post-health crisis margins
shares fell as much as 6% on Wednesday as the company known for delivering everything from Amazon.com packages to coronavirus vaccines forecast disappointing post-pandemic U.S. margins.
They pared losses to trade down 4.6% at $200.19 on Wednesday afternoon after falling as low as $197. That came as analysts pressed executives on how UPS will maintain momentum as demand moderates, pandemic surcharges roll off, and competitors - including its No. 1 customer, Amazon.com IncDuring the company's analyst and investor day webcast on Wednesday, UPS forecast U.S. domestic adjusted operating margins of 10.5% to 12% in 2023 - below what some analysts expected.
The world's largest parcel delivery firm is prioritizing lucrative deliveries over volume under new Chief Executive Carol Tome's "better not bigger" strategy.Snow falls at the United Parcel Service WorldPort hub located at Louisville Muhammad Ali International Airport in Louisville, Kentucky, U.S., February 15, 2021. REUTERS/Bryan WoolstonTo that end, UPS is fighting to win more contracts with healthcare firms and small and medium-sized businesses .
Meanwhile, the Atlanta-based firm is corralling costs on key projects, including expanding Saturday deliveries across the United States.
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