“This will result in a workforce reduction of approximately 12,000 positions and around $1 billion in cost out this year.”

In context

“nd their customers. Our customer first, people led innovation driven strategy is the foundation of our business. And our continued execution of the strategy enables us to exit 2023 with momentum. But momentum is not enough. We have decided to take some bold moves to right-size our company for the future and to focus on the key enablers of growth. So today, we are announcing two actions. First, we plan to explore strategic alternatives for our truckload brokerage business known as Coyote. Coyote is part of Supply Chain Solutions, and it's a business that's highly cyclical with considerable earnings volatility. We will keep you apprised as we move forward with this analysis. Second, we are going to fit our organization to our strategy and align our resources against what's wildly important. This will result in a workforce reduction of approximately 12,000 positions and around $1 billion in cost out this year. Here, we've identified new ways of working and are calling this fit to serve. Let me end by sharing our 2024 outlook. In 2024, the small package market in the US, excluding Amazon, is expected to grow by less than 1%. And projected market growth rates for the rest of our business segments picked up some improvement, but not until the latter part of the year. In building our 2024 financial targets, we incurred the low end of our guidance on market growth. And for the high-end of our guidance included growth we should experience if we capture market share. In 2024, we expect to generate consolidated revenue ranging from approximately $92 billion to $94.5 billion and a consolidated operating margin ranging from approximately 10% to 10.6%. Given the nuances of our new labor contract, there wi”