** Shares of parcel delivery firm UPS UPS.N on track to drop more than 20% for 2024, marking their third straight year of decline
** Customers' ongoing switch to slower, cheaper deliveries has continued to trouble UPS, forcing it to look at cost-cutting measures to counter fall in demand
** Co announced to cut more than 12,000 jobs in January; in June, it sold its freight brokerage business, Coyote, to RXO RXO.N for $1.03 bln
** UPS fell short of estimates for quarterly profit once in last four quarters, but missed revenue estimates thrice in same time period - LSEG data
** Extreme weather events such as Hurricanes Helene and Milton also impacted co's services throughout 2024
** However, UPS in April won USPS contract over rival FedEx FDX.N, with co expecting contract to be profitable in its first year and throughout the more than five-year deal
** Analysts believe co to be headed in right direction for 2025, with fundamentals and stock price having bottomed
** FedEx's shares up 10.9% YTD
(Reporting by Abhinav Parmar in Bengaluru)
((Abhinav.Parmar@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.