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On Wednesday, United Parcel Service, Inc. (NYSE:UPS) announced that its pickup and delivery services in the southern U.S., particularly Louisiana, may be affected due to Hurricane Francine.
The company stated, “Contingency plans are in place to help ensure that shipments arrive at their final destinations as quickly as possible.”
On Tuesday night, Francine intensified into a hurricane, leading Louisiana residents to evacuate inland.
Also Read: UPS Analysts Cut Outlook After Parcel Giant Misses Revenue Estimate: ‘Market Still In Recovery Mode’
On Wednesday, the storm’s northern eyewall was about 95 miles southwest of Morgan City, Louisiana, at 2 p.m. ET. NBC News reported sustained wind speeds of 90 miles per hour as it moves northeast at 16 miles per hour.
President Joe Biden approved an emergency declaration for Louisiana, making federal disaster assistance available to the state, the Federal Emergency Management Agency said Wednesday.
Several oil companies shut down their refineries on the Louisiana coast this week.
This week, UPS agreed to acquire Frigo-Trans and its sister company BPL to boost end-to-end capabilities for temperature-sensitive and time-critical healthcare logistics across Europe.
Investors can gain exposure to the stock via iShares Trust iShares U.S. Transportation ETF (BATS:IYT) and First Trust Nasdaq Transportation ETF (NASDAQ:FTXR).
Price Action: UPS shares are down 0.36% at $128.04 at the last check Thursday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
