UPS reported a 5.1% year over year increase in revenues in Q1, led by a surge in the domestic package business as home shopping took off on the back of COVID-19 lockdowns. The firm has also moved “millions of pounds of PPE and test kit” as part of the effort to tackle the pandemic. Yet, a drop in B2B operations and associated network retooling costs meant the firm was “not able to fully offset the unprecedented and swift change in market demand and mix” according to CEO David Abney. Indeed Abney noted he has “never seen the level of demand variability in the markets we serve”. As a resul...