UPS offers early retirement to managers to cut costs

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UPS (UPS) will offer voluntary retirement to eligible employees to cut costs.

This special voluntary retirement plan will be offered to non-operations retirement-eligible U.S. management employees, the package delivery giant said Wednesday. Participation in the plan will not change the structure or eligibility of UPS retirement plans.

For a smooth transition, it will occur in phases, and UPS says that it will reduce headcount and lower ongoing operating expense. The financial details of the voluntary program were not immediately disclosed.

According to UPS, this is just the first of several new initiatives the company is undertaking as part of its "transformational initiatives."

UPS released its latest quarterly results Thursday morning. The company’s revenue and earnings increased, year-over-year, and also topped analyst expectations. For 2018, the company expects adjusted earnings per share in the range of $7.03 to $7.37, analyst consensus, according to FactSet, is for $7.25.