Coronavirus Concerns May Deal A Blow To UPS' Q1 Results
Zacks Investment Research | Mar 03, 2020 10:25PM ET
Per Reuters , United Parcel Service, Inc. (NYSE:UPS) has given a heads up on the likely impact of the coronavirus outbreak on first-quarter 2020 results. The novel coronavirus outbreak having begun in Wuhan, China at the end of last year has now spread to more than 70 countries worldwide with over 92,000 confirmed cases of the infection and above 3,000 deaths across the globe.
At the Raymond James investors’ conference held on Mar 3, UPS’ chief financial officer Brian Newman stated that "the business obviously slowed" due to the fast-evolving coronavirus and that it might hamper shipment of goods, which in turn, is expected to hurt first-quarter performance. However, the company’s planes are still operating in China.
UPS rival FedEx Corporation (NYSE:FDX) is also operating flights to and from the affected countries but feels that work and travel restrictions might affect the transport of shipments.
United Parcel Service, Inc. Price
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