United Parcel Service's (UPS) fourth-quarter results were weighed down by lower shipping volumes and additional charges. The company's shares fell more than 6% in pre-market tradiꦗng.

Net income fell 54% compared to the year-earlier period, to $1.61 billion, or diluted earnings per share (EPS) of $1.87. The company reported a $512 million charge related to pensions, impairments and its Coyote truckload brokerage business that shaved off about 60 cents per share from earnings. Adjusted diluted earnings per share came in roughly 32% lower than the year-ago quarter at $2.47, which was a shade better than the 澳洲幸运5官方开奖结果体彩网:analyst consensus compiled by Visible Alpha.

UPS also saw revenue shrink 7.8% to $24.9 billion as average daily volumes contracted 7.4% for the domestic segment and 8.3% for the international business.

“2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth,"said USP CEO Carol Tomé.

UPS projects 2024 revenue in the range of $92 billion to $9🧔4.5 billion. In contrast, its full y🌱ear 2023 revenue was $91 billion, down 9.3% compared the prior full year revenue. Similarly, the company projects adjusted operating margins in the 10% to 10.6% range for 2024. That figure for 2023 stood at 10.9%.

UPS shares were down 6.2% at $148.30 about 15 minutes before the opening bell. Through Monday's close, the stock had lost 11% over the past year.