Shares of UPS fall after company says higher rates in Q2 offset lower-than-expected volumes


A United Parcel Service worker delivers packages in New York City.

Stephanie Keith | Getty Images

Shares of United Parcel Service fell Tuesday morning after the company said higher rates offset lower-than-expected delivery volumes in the second quarter.

The Atlanta-based company said volumes declined and fell short of its forecast by 222,000 packages per day. It attributed the miss partially to reductions in its contracts with customers like Amazon.

“We project by the end of this year that Amazon revenue will be less than 11% of our total revenue,” said CEO Carol B. Tome, noting that UPS agreed to a level that makes sense for it and will give the company room to grow in other areas.

UPS stood…

Source cnbc.com

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