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Reuters
2 days ago
- Business
- Reuters
UPS profit lower than expected as US trade policy shifts
July 29 (Reuters) - United Parcel Service (UPS.N), opens new tab posted quarterly profit marginally below estimates on Tuesday and again declined to issue annual revenue and margin forecasts, deepening concerns that changing U.S. trade policy is weighing on the delivery giant. Shares in the world's largest parcel delivery firm fell more than 9% to $92.16 in early trading, after executives also said UPS will accelerate its plan to deliver fewer packages for (AMZN.O), opens new tab, its largest customer. UPS and rival FedEx (FDX.N), opens new tab are seen as bellwethers for the health of the global economy as they serve clients across industries and geographies. "Changes in trade policies are impacting global trade and demand. It will likely all settle down at some point, but for now, it is a very volatile environment," CEO Carol Tome said on the earnings call. Tariffs on China and the elimination of duty-free treatment on purchases from China-linked e-retailers like Temu (PDD.O), opens new tab and Shein contributed to the 34.8% drop in average daily volume during May and June. The China to U.S. trade lane is UPS' most profitable. Still-uncertain U.S. trade policy has frozen corporate decision making and driven consumer sentiment to new lows, hurting the small package delivery business that UPS dominates. UPS is now accepting retailer plans for its peak winter holiday shipping season when its daily volumes can easily double. In those plans, retailers signal expectations for consumer spending that underpins the nation's economic activity. Customers often submit preliminary peak season shipping plans by the end of August and final plans at the end of September, Tome said. Tome expects retailers to delay preliminary plans until September, "which is an indication that they too are having difficulty in forecasting demand for the holiday selling season." UPS reported an adjusted consolidated operating margin of 8.8% for the latest quarter, while that margin was 7% for its largest domestic segment - below the 10%-plus analysts and investors had come to expect. The company did not provide closely watched revenue and margin forecasts, citing ongoing macroeconomic uncertainty. In January, UPS projected 2025 revenue of $89 billion. In a hit to demand, the White House in May began collecting tariffs on shipments under $800 from China that were previously duty-free, though the "de minimis" levies were later reduced to 54% from 120% as part of a trade truce. Analysts at J.P. Morgan have previously noted that negative impact from the removal of the de minimis exemption seems to impact UPS more than FedEx. Atlanta-based UPS reported consolidated revenues of $21.2 billion, above Wall Street estimates of $20.86 billion, helped by strength in its international segment, as importers likely frontloaded finished goods ahead of expected tariff changes. However, revenue in its U.S. segment fell to $14.08 billion from $14.20 billion, pressured by a sluggish recovery in retail sales and industrial activity. Adjusted net income was $1.55 per share for the quarter ended June 30, below estimates of $1.56 per share, according to data compiled by LSEG. UPS has been shuttering hundreds of facilities and slashing thousands of jobs as part of a sweeping overhaul, its largest ever, aimed at slashing $3.5 billion in costs in 2025. In April, the company announced plans to cut 20,000 jobs tied to plans to shed half its shipping volume from In July UPS offered voluntary buyouts to its unionized full-time drivers for the first time. As many as 85% of UPS drivers are at the top end of the UPS pay scale, with 25 to 40 years of service, executives said.
New Straits Times
4 days ago
- Sport
- New Straits Times
Spain deserved better in Euro 2025 final, says coach
BASEL: Spain coach Montse Tome insisted that her team did not deserve to lose Sunday's Euro 2025 final after the World Cup holders were agonisingly beaten 3-1 on penalties by England. "I think this team deserved more. We worked so hard for a long time to get here, to the final against a top-level side in England, and I thought the team deserved more, or at least to not be left with the feeling we have now," Tome told reporters after the match at St Jakob-Park in Basel. The game finished 1-1 after 90 minutes, with Alessia Russo heading England level just before the hour mark following Mariona Caldentey's 25th-minute opener for Spain. With no further scoring in extra time, it went to a shoot-out in which three Spain players including Aitana Bonmati all failed to score before Chloe Kelly netted the winning kick for England. "This is sport and in sport you need to accept defeat, which is what happened to us in the penalty shoot-out," added Tome, who took over from Jorge Vilda as coach shortly after Spain beat England in the final of the 2023 World Cup. "I thought we played well in the first half, then in the second half their equaliser maybe left us a bit downbeat. "After that we dominated possession in extra time but couldn't get the win." Spain, appearing in their first ever European Championship final, enjoyed 60 percent of the possession overall and had 24 attempts on goal to England's 10. But they paid the price for not putting the game to bed. "I thought we were the better team but in football it is not always the best team which wins," Tome added. "England are a great side and have been so competitive throughout the tournament. "They got the equaliser and then defended to try to get to penalties, and in the shoot-out we chose the penalty-takers who we thought would be most effective." Patri Guijarro scored Spain's first penalty but then Caldentey and Bonmati both had their attempts saved by England goalkeeper Hannah Hampton, and Salma Paralluelo put her effort wide before Kelly won it. "They all said they were confident and I had confidence in them. In the end anyone can score or miss a penalty but the players gave everything," the coach said.--AFP
The Hindu
4 days ago
- Sport
- The Hindu
UEFA Women's Euro 2025: Spain coach Tome says her team deserved more after shootout loss to England
Spain coach Montse Tome was left ruing her side's inability to take their chances as the world champion fell to a penalty shootout by England in the Women's Euros final on Sunday that finished 1-1 after 120 minutes. The Spaniards had 24 attempts on goal, but England's grit and determination dragged them to a shootout where they came up short, failing to convert three of their four spot-kicks as Chloe Kelly fired England to victory. 'I think this team deserved more. I think we worked hard for a long time to reach this moment, to reach this final against a high-level national team as an event and what we saw in the game makes me think that the team deserved it,' Tome told a media conference. 'This is a sport, you must know how to lose, and today we missed the penalties.' Spain took a first-half lead but England equalised through Alessia Russo and battled superbly to take the game to a 1-1 draw and a shootout. ALSO READ: England defender Lucy Bronze says she played Women's EURO 2025 with fractured tibia 'I think we were better, but football is a sport where the best team doesn't always win. England is an excellent national team; they showed their level during the tournament. They draw, and then they defend themselves to get the penalties,' Tome said. The 42-year-old coach could not hide her disappointment that her squad had come up short of another major title. 'This is our profession. What we worked for, what they worked for deserved a different ending,' she said. 'That's why today I have the feeling that we almost reached it, but it's gone. I really value all the work done -- we wrote history during the whole tournament, and the team was good,' Tome added.
The Sun
4 days ago
- Sport
- The Sun
Spain deserved more, says Tome after painful loss to England
Spain coach Montse Tome was left ruing her side's inability to take their chances as the world champions fell to a penalty shootout by England in the Women's Euros final on Sunday after they dominated a game that finished 1-1 after 120 minutes. The Spaniards had 24 attempts on goal, but England's grit and determination dragged them to a shootout where they came up short, failing to convert three of their four spot-kicks as Chloe Kelly fired England to victory. 'I think this team deserved more. I think we worked hard for a long time to reach this moment, to reach this final against a high-level national team as an event and what we saw in the game makes me think that the team deserved it,' Tome told a media conference. 'This is a sport, you must know how to lose, and today we missed the penalties.' Spain took a first-half lead but England equalised through Alessia Russo and battled superbly to take the game to a 1-1 draw and a shootout. 'I think we were better, but football is a sport where the best team doesn't always are an excellent national team, they showed their level during the tournament. They draw, and then they defend themselves to get the penalties,' Tome said. The 42-year-old coach could not hide her disappointment that her squad had come up short of another major title. 'This is our profession. what we worked for, what they worked for deserved a different ending,' she said. 'That's why today I have the feeling that we almost reached it, but it's gone. I really value all the work done -- we wrote history during the whole tournament, and the team was good,' Tome added. (Reporting by Philip O'Connor, editing by ed Osmond)
France 24
4 days ago
- Sport
- France 24
Spain deserved better in Euro 2025 final, says coach
"I think this team deserved more. We worked so hard for a long time to get here, to the final against a top-level side in England, and I thought the team deserved more, or at least to not be left with the feeling we have now," Tome told reporters after the match at St Jakob-Park in Basel. The game finished 1-1 after 90 minutes, with Alessia Russo heading England level just before the hour mark following Mariona Caldentey's 25th-minute opener for Spain. With no further scoring in extra time, it went to a shoot-out in which three Spain players including Aitana Bonmati all failed to score before Chloe Kelly netted the winning kick for England. "This is sport and in sport you need to accept defeat, which is what happened to us in the penalty shoot-out," added Tome, who took over from Jorge Vilda as coach shortly after Spain beat England in the final of the 2023 World Cup. "I thought we played well in the first half, then in the second half their equaliser maybe left us a bit downbeat. "After that we dominated possession in extra time but couldn't get the win." Spain, appearing in their first ever European Championship final, enjoyed 60 percent of the possession overall and had 24 attempts on goal to England's 10. But they paid the price for not putting the game to bed. "I thought we were the better team but in football it is not always the best team which wins," Tome added. "England are a great side and have been so competitive throughout the tournament. "They got the equaliser and then defended to try to get to penalties, and in the shoot-out we chose the penalty-takers who we thought would be most effective." Patri Guijarro scored Spain's first penalty but then Caldentey and Bonmati both had their attempts saved by England goalkeeper Hannah Hampton, and Salma Paralluelo put her effort wide before Kelly won it. "They all said they were confident and I had confidence in them. In the end anyone can score or miss a penalty but the players gave everything," the coach said. © 2025 AFP
