It’s hard to know what to make of earnings so far, what with all the horrible top-line numbers, the not-as-horrible bottom-lines and the promises of “some stabilisation” (maybe) down the road.
But here’s some concrete comments from package shipper UPS (UPS), picked up by The Pragmatic Capitalist:
As a middle man in almost every transaction it is nearly impossible to see a sharp recovery that UPS is not involved in. CFO Kurt Kuehn had these comments on the call this morning:
“Our trends so far in July show no material uptick in growth, We don’t have any confidence that either demand or activity is going to pick up substantially.”
And directly from the earnings release:
“The economic environment continues to be difficult. Declines in both our domestic and international businesses appear to be stabilizing but volumes will remain significantly below last year’s levels,” said Kurt Kuehn, UPS’s chief financial officer.
“Although declines in economic indicators are less dramatic than earlier in the year, questions remain as to when business activity will begin to strengthen,” he continued. “The business environment in the third quarter should be similar to the second quarter.
This is big because, again, it is UPS, and because they’re talking about this current month that is happening right now.
What can brown shoots do for you?
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