October 25, 2013: UPS announced third quarter profits of $1.1 billion today. Can anyone explain why Hoffa and Hall gave the company healthcare cuts, a longer progression and other contract givebacks?
The company’s third quarter profits are up a staggering 134 percent. UPS made $469 million in the third quarter last year, including a $559 million charge on their books for pension adjustments.
Working Teamsters are still fighting for improvements in seven contract supplements and riders that aren’t approved. But investors are getting theirs right now. The company paid $1.7 billion in dividends this quarter, a 9 percent increase over last year.
Domestic package operations continue to lead the way with operating profits up by 16%.
In the UPS Freight and Supply Chain segment, profit went up 7%, to $201 million. Revenue in the segment was down slightly from the prior year period to $2.25 billion, as growth in UPS Freight was offset by declines in the Forwarding business.
Teamster members continue to deliver higher earnings and profits. Will Hoffa and Hall make UPS deliver for the 75,000 Teamsters still working under expired supplements and riders?