The US parcel and logistics company UPS obtained a net profit of 965 million dollars in the first quarter of 2020, reducing 13.1% compared to the result recorded by the company in the same interval of 2019.
UPS turnover between January and March 2020 reached $ 18,035 million, 5% above the revenue recorded a year earlier, thanks to the growth of 9.3% of turnover in the United States, to $ 11,456 million, while international revenue fell 2.2% to $ 3,383 million.
The company plans to cut approximately $ 1 billion of its capital spending during 2020 compared to previous estimates and announced the suspension of the repurchase of its own shares during the current year.
“We will continue to adapt during this difficult period and prioritize investments and operational decisions that put UPS in the best financial position”, said Brian Newman, UPS, the company’s chief financial officer.
In addition, UPS reported that because it cannot reasonably anticipate the duration and impact of its Covid-19 pandemic activity, it has decided to withdraw its forecast for results for 2020.
K.Tovar
Source: Seeking Alpha
