UPS Won't Furlough Pilots Now

UPS says it won't furlough any of its pilots for at least 10 months. The announcement comes after a pilots union reached a deal with the world's largest shipping carrier that includes more than two-thirds of the cost cuts the company wanted. The Atlanta-based company says the Independent Pilots Association has identified savings totaling roughly $90 million over three years. The savings come from pilots taking leaves of absence, military leaves, job sharing, reductions in flight pay guarantees, early retirement, and sick bank contributions. UPS wanted $131 million in pilot savings over the next three years to avoid idling roughly 300 pilots.

(Associated Press)

UPS Ponders Cuts

UPS is seeking $40 million in cost savings this year from its pilots, and the pilots union is looking for alternatives to furloughs. UPS says the union is considering leaves of absence, early retirements, reduced-pay-guarantee routes and job sharing. About 300 pilots could be furloughed, or idled, if Atlanta-based UPS doesn't get the savings it says it needs. That's 10 percent of the 3,000 pilots represented by the union. The company says the severe downturn in the global economy has caused UPS package and freight volumes to decline. Company spokesman Michael Mangeot says UPS expects to know in early June if the volunteer effort at cost savings is successful.

(Associated Press)

UPS expects lower earnings

A sluggish US economy and high fuel costs has the world’s largest shipping carrier, UPS lowering its earning expectations. The Atlanta-based company says earnings per share for the second quarter could be as low as 83 cents to 88 cents as opposed to .97 or $1.04 per share. UPS says the economy coupled with record fuel prices has resulted in less anticipated shipping overall, as well a reduction in premium air product use.

UPS buys more "green" vehicles

Atlanta-based United Parcel Service has ordered 500 more environmentally-friendly vehicles. The 200 hybrids and 300 compressed natural gas bring UPS's low-carbon fleet to just over 2,200.

UPS' gloomy financial forecast

Atlanta-based United Parcel Service predicts a weaker-than-expected 1st quarter earnings. The company sites higher fuel costs, fewer packages to deliver and a slowing U.S. economy. UPS has reduced its January to March earnings forecast from as much as 98 cents a share to no more than 87 cents a share.

UPS shifts debt strategy

In Georgia business news, Atlanta-based United Parcel Service says it will repurchase up to ten billion dollars in company stock within the next two years. And it has decided it will take on greater debt to allow it to make more investments in its business. UPS also said that its board has approved a change in financial policy that will allow the company to significantly increase the debt component of its balance sheet. UPS said the change in policy "will permit us to make increased investments in the business, pursue selective acquisitions and undertake larger share repurchases."

UPS posts profit

Atlanta-based United Parcel Service reports a 3.7% increase in third-quarter profits. UPS says that for the three months ending September 30th, it earned 1.08 billion dollars -- or $1.02 a share. However, UPS says fourth-quarter growth will be its slowest in four years due largely to weak U.S. retail sales.

UPS to hire 60,000

Atlanta-based United Parcel Service is hiring 60,000 seasonal workers for the upcoming holiday rush. The Atlanta Business Chronicle reports the package delivery company delivers 22 million packages around the world between Thanksgiving and Christmas. On average, one in four season employees earns full-time employment.

UPS chief to retire

Today Atlanta-based United Parcel Service announced the retirement of its chief executive. Mike Eskew will step down at the end of the year, after six years at the helm of UPS. Chief Financial Officer Scott Davis will replace Eskew.

UPS adds next-generation hybrids

Atlanta-based United Parcel Service is going greener. Today UPS announced it’s adding 50 next-generation hybrid electric vehicles to its fleet of delivery trucks.

UPS says the new hybrids promise a 45% increase in fuel economy. The vehicles will use 44,000 fewer gallons of gas a year.

UPS already has 13-hundred alternative fuel vehicles and 19,000 low-emission vehicles.