Join the free TruckingTrend newsletter to see the latest news first.
The no-fluff trucking stories you need to see.
Latest News Top Stories Videos Traffic Weather

UPS to lay off 12,000 workers due to declining shipping demands

UPS, a major player in the shipping industry, announced plans to lay off 12,000 workers to cut costs amid declining parcel volumes. The workforce reduction, which is expected to save an estimated $1 billion, was revealed during an earnings call on Tuesday.

Notable cuts: These cuts, primarily impacting management and contract roles, represent a major shift as the company adapts to a softer shipping market, particularly in Europe.

  • The layoffs represent about 2.4% of UPS's global workforce of nearly half a million employees.
  • CEO Carol Tomé cited both the economic landscape and a disappointing volume decrease as factors behind the decision.

Dropping figures: UPS's revenue in Q4 of 2023 dipped to $24.9 billion, a 7.8% decrease from the previous year's quarter, marking a significant drop in package handling domestically and abroad.

Strategic shifts: Apart from layoffs, UPS is contemplating the sale of the Coyote truck brokerage unit, viewed as a volatile earnings contributor.

Financial outlook: Looking ahead into 2024, with expected revenues between $92 billion and $94.5 billion, UPS aims for an adjusted operating margin of roughly 10% to 10.6%.

Despite these challenges, UPS's leadership continues to project confidence in the company's resilience and long-term strategy.

Falls Township considers 'trucker village' amid traffic surge from trade center

Falls Township in Pennsylvania evaluates the creation of a 'trucker village' to support the increased truck traffic from the Keystone Trade Center, offering services like parking and repairs while addressing local infrastructure concerns.
Read more ⟶

Senator Cruz's bill aims to protect trade at US ports of entry

Senator Ted Cruz's proposed bill aims to protect U.S. ports of entry from closures that disrupt truckers' ability to maintain crucial trade flows, backed by industry support amid economic and border security debates.
Read more ⟶

Oregon truckers sue state over disproportionate road taxes

Oregon truckers file lawsuit against the state for disproportionate road taxes, highlighting an imbalance where they pay one-third of the motorist taxes despite being only 15% of vehicle population.
Read more ⟶