“Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S," said CEO Raj Subramaniam.
UPS posted better-than-expected second earnings Tuesday, and boosted its profit guidance, thanks in part to a big leap in the price of domestic parcel revenues.
FedEx shares slumped lower Wednesday after the world s biggest package delivery group cautioned that profit margins in its workhorse ground transportation division would expand at a slower rate over the coming year amid a surge in fuel and input costs.
U.S. equity futures bounced higher Tuesday, following the biggest three-day trading decline of the year on Wall Street, as investors looked to the start of the Federal Reserve s two-day policy meeting amid accelerating bets on faster and deeper rate hikes.