UPS Inc. executives said Aug. 8 that second-quarter profits decreased year-over-year for the parcel carrier as it lost more business to rivals than expected because of the uncertainty surrounding high-profile labor negotiations with the Teamsters union. The Atlanta-based company reported net income of $2.08 billion in the three months that ended June 30, compared with a profit of $2.19 billion in the same period a year earlier. UPS cut its full-year 2023 revenue guidance to $93 billion from $97 billion, Chief Financial Officer Brian Newman said. The carrier posted consolidated revenues of $22.1 billion, compared with $24.8 billion in the second quarter of 2022.

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