UPS achieves record profits and revenues
UPS achieves record profits and revenues
Read MoreTag: USA
FedEx board of directors to propose bylaw amendment
The Board of Directors of FedEx will submit to stockholders a proposal to amend the corporation’s bylaws that will require each director to stand for election annually. Currently, the corporation’s bylaws divide the Board into three classes with directors elected to staggered three-year terms.
Stockholders will vote on the Board’s declassification proposal at the next FedEx annual meeting in September 2004. Approval of the proposed bylaw amendment will require an 80 percent stockholder vote.
Read MoreStrong volume growth propels UPS to record quarterly profit
Led by strong volume gains both in the United States and overseas and significant margin improvement within its international operation, UPS has reported a 19% jump in adjusted net income for the fourth quarter after excluding certain items that affect the year-ago comparison. The quarter’s performance capped a record year for volume. UPS delivered 3.44 billion packages in 2003, or an average 13.64 million per day.
Read MoreUPS Q4 sales rise but net earnings fall
UPS has said that fourth-quarter sales improved from last year as the recovering economy led to greater demand for the shipping giant’s services.
Shares of UPS closed up 7 cents at USD72.51.
Fourth-quarter earnings totaled USD856 million, or 75 cents per share, down from its year-ago profit of USD1.5 billion, or USD1.32 per share. The year-ago fourth quarter included a net gain of USD832 million as a favorable settlement with the IRS offset a restructuring charge. Excluding items, UPS earned USD670 million, or 59 cents per share, in last year’s equivalent period.
US Congressional panel recommends postal service overhaul
The Postal Service needs more flexibility in setting rates and a strong dose of modernization to survive in the 21st century, Controller General David Walker told lawmakers.
Walker told a House Committee on Government Reform panel looking into overhauling the Postal Service that stiff online competition has contributed to a three-year decline in money-generating deliveries, yet the post office has had to serve more than 5 million more addresses in that time.
Read MorePost & Parcel Magazine
Post & Parcel Magazine is our print publication, released 3 times a year. Packed with original content and thought-provoking features, Post & Parcel Magazine is a must-read for those who want the inside track on the industry.