Profit at UPS Supply Chain and Freight, which includes the express parcel carrier’s heavy package, less-than-truckload division, plunged 64.6 percent to $40 million in the first quarter as transportation demand nosedived during the period.
Revenue at the division was off 19.8 percent, falling to $1.7 billion in the first quarter. Freight revenue alone dropped 11.5 percent year-over-year to $454 million.
“In a worsening LTL environment, UPS Freight posted declines in revenue, shipments and tonnage, compared with last year,” the company said. “However, there was month-over-month improvement in each of these metrics through the period. The business unit experienced increasing sales traction as more customers adopted its LTL shipping technology.”
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