United Parcel Service (UPS) reported first-quarter results that topped analysts' estimates Tuesday, and the company also announced plans to shrink its workforce and close dozens of facilities.

UPS reported adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.49 on revenue of $21.5 billion. Analysts had expected adjusted EPS to decline by 2 cents from 澳洲幸运5官方开奖结果体彩网:a year ago to $1.41, while revenue was forecast to drop by about 3% to $21.1 billion.

UPS To Lay Off 20,0ꦐ00 Employees, Shutter 73 Facilities

UPS said it plans to lay off roughly 20,000 employees this year, and close 73 "leased and owned properties" by the end of June. The layoffs and closures will cost about $400 million to $600 million this year, but UPS said the effort will generate $3.5 billion in cost savings in the long run.

"We will leverage our integrated network and trade expertise to assist our customers as they adapt to a changing trade environment," UPS CEO Carol Tomé said. "Further, the actions we are taking to reconfigure our network and reduce cost across our business could not be timelier. The macro environment may be uncertain, but with our actions, we will emerge as an even stronger, more nimble UPS."

The company said it will not provide any updates to its prior full-year outlook "given the current macro-economic uncertainty," and said second-quarter forecasts will come on Tuesday's earnings call. In January, UPS 澳洲幸运5官方开奖结果体彩网:said it expected revenue of roughly $89 billion for the year, as it undertook several "business and operational changes" like cutting its shipping volume for Amazon (AMZN) by more than half by the second half of 2026.

After rising in premarket trading, shares of UPS fell 1% shortly after markets opened. They had lost more than 20% of their value on the year entering Tuesday. Earlier this month, shares 澳洲幸运5官方开奖结果体彩网:hit their lowest point since mid-2020.

UPDATE—This article has been updated with the latest share price information and details from UPS' earnings report.