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3/3, 8:48 PM (Source: TeleTrader)
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UPS, FedEX say COVID-19 may impact earnings

Package delivery companies United Parcel Service Inc (UPS) and FedEx Corp (FedEx) said on Tuesday that the COVID-19 spread could put off shipments in countries that have been affected by the virus. Both companies confirmed this could have an impact on their first-quarter results.

UPS Chief Financial Officer Brian Newman confirmed that "the business obviously slowed," and added that it was still early for the company to calculate exact consequences from the disruption. However, he said that demand is slowly getting to normal as fresh cases of infections are slowing down.

FedEx also confirmed it continued operating flights to and from the affected countries but that they "are taking recommended precautions in terms of the pilot, team member and customer health and safety."

Breaking the News / TF