Revenue declined at UPS in the second quarter and the package delivery company lowered its full-year revenue expectations by $4 billion as package volumes decline, and after reaching a tentative labor contract reached late last month with its 340,000 unionized workers.
Package volume has been in decline for all shippers and fell significantly for UPS during the quarter. Shares for the Atlanta company slid about 5% before the opening bell Tuesday.
Domestic revenue slid 6.9% during the quarter as average daily package volume fell 9.9%. The company offset that decline somewhat, however, booking a 3.3% increase in revenue per piece.
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