Web Stories Saturday, February 24

© Reuters. FILE PHOTO: A UPS delivery van is driven long a city street in Garden Grove, California, U.S., March 29, 2022. REUTERS/Mike Blake/File Photo

(Reuters) -United Parcel Service forecast annual revenue below Wall Street estimates on Tuesday, as the world’s biggest package delivery firm faces sluggish domestic and international ecommerce demand.

The company expects full-year 2024 revenue to be in the range of $92.0 billion to $94.5 billion, below analysts’ estimates of $95.57 billion, according to LSEG data.

The company’s shares were down 5% before the bell.

Waning ecommerce demand has pressured the company and blunted the gains from efforts to win back the 1.5 million-packages-a-day of volume diverted to rivals including the non-unionized FedEx (NYSE:) during last year’s labor contract talks.

The company reported fourth-quarter revenue of $24.9 billion, down from $27 billion a year earlier.

Adjusted profit fell to $2.47 per share, from $3.62 per share.

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