Atlanta-based United Parcel Services saw its revenues rise 2.4% in the fourth quarter of 2001, but also watched its profits slip 9.5%. The same scenario played out for all of 2001, with UPS’s annual revenues rising 2.9% but profits slipping slightly from 2000 levels.
For the fourth quarter of 2001, UPS said its revenues totaled $8.1 billion, up 2.4% compared to the same quarter in 2000. Net income, however, dropped to $645 million, down from $724 million reported in the fourth quarter of 2000.
For 2001, UPS said its revenues climbed 2.9% to $30.6 billion compared with 2000. However, net income slipped to $2.4 billion, down from $2.9 billion in 2000. The company said consolidated average daily package volume dropped 0.4% in 2001 to 13.6 million a day. For the full year, U.S. package volume fell 1% and international volume grew 5.1%.
"Our cost controls remained highly effective and served to mitigate the effects of the U.S. slowdown, even as we continued to effectively position UPS for the coming economic rebound," said UPS CFO Scott Davis. "During the quarter, our international operation resumed its growth and profitability and the logistics and freight segments also posted gains."