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UPS Inc. (NYSE: UPS) on Tuesday lowered its full-year revenue and operating margin projections primarily to reflect the loss of volume and the higher costs associated with the tentative five-year contract reached with the Teamsters union July 25. Full-year revenue is expected to be $93 billion in 2023, down from the prior forecast of $97…
A former high-profile contractor said FedEx Ground, the ground delivery unit of FedEx Corp., (NYSE: FDX) must address the expected widening wage and benefit disparity between UPS Inc. (NYSE: UPS) drivers and those in the unit’s network if contractors are expected to attract and retain qualified drivers. Spencer Patton, who had played a prominent role…
Cash-strapped electric bus and battery maker Proterra Inc. filed for Chapter 11 bankruptcy protection Monday. The company plans to keep running while sorting out its business units during reorganization. Proterra voluntarily filed its petition in the District of Delaware where it is incorporated. It hopes to strengthen its financial position through recapitalization or sale of…
Retail diesel prices as measured by the benchmark used for most fuel surcharges surged again this past week even as the futures price has taken a two-day breather. The Department of Energy/Energy Information Administration average weekly retail diesel price rose 11.2 cents a gallon, hitting $4.239 on Monday, the third consecutive week it has gone…