Business

UPS Hit By Delays On Web Orders

UPS Hit By Delays On Web Orders

The company says package deliveries are being delayed because of an unexpected flood of online orders after Thanksgiving.

Given the ongoing trend to online shopping, UPS stock is a buying opportunity for those on Wall Street looking for a cheaper option, according to analyst Amit Mehrotra, who upgraded shares to buy from hold.

The delivery crunch follows a record Cyber Monday sales pop. Adobe estimates the Cyber Monday haul came in at around $6.6B. UPS has underperformed the market so far this year, up 5 percent versus the S&P 500's 18 percent since January. But, he added, "UPS needs to make sure packages do not miss Christmas day".

Mr. Gaut said UPS doesn't comment on the accuracy of third-party data. Spokesman Jess Bunn said FedEx was proud of its record and anticipated record volumes.

The company has already notified workers at more than 100 delivery centers that it may raise driver work hours to 70 hours over an eight-day period. James Hoffa, the Teamsters' general president, said in a letter to UPS CEO David Abney on Monday that the move will take a "physical toll" on workers, and hinders their ability to spend time with family over the holidays.

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The Teamsters union, which represents 250,000 UPS employees, isn't happy with that plan.

UPS and the union are now in the middle of contract negotiations.

"We are taking all necessary steps to ensure we are serving our customers' demand, especially during this holiday period", Gaut said.

UPS is a little behind schedule after last week's surge in online orders.

This year, UPS added three Boeing 747-8s, the largest commercially available freight aircrafts to its fleet, to help during the peak season. "We've been working a long time on this, and I think there's a lot of confidence throughout the group".


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