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April 23, 2008

UPS: Dramatic Slowing in U.S. Economy

This is striking stuff from courier company's UPS's earnings conference call:

Chief Executive Scott Davis:

UPS's first quarter results illustrate the dramatic slowing  in the U.S. economy. At our investor conference on March 12th, we told you that volume growth in January had been up 3%. But in the six weeks prior to the conference, it had been negative. We also said if these trends persisted through March, we would not achieve the earnings guidance we had provided for the quarter. [The] trends did continue. Many have become sharply more negative in the last two months. ... The great unknowns are the severity and the duration of the current economic slowdown. Many of our customers have tightened their belts resulting in a shift away from our premium air products to ground shipments. [Emphasis added]

Move along folks. No recession here.

[via Calculated Risk]

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