United Parcel Service Inc (UPS) is planning to eliminate as many as 30,000 positions this year, a move by the parcel delivery giant to continue reducing costs and enhancing profitability.

UPS Chief Financial Officer Brian Dykes stated during a quarterly earnings call on Tuesday that the job cuts, which will affect operational roles including drivers and package sorters, will be achieved primarily through attrition and voluntary separation agreements with full-time drivers. UPS had announced in October of last year its intention to cut 34,000 operational jobs by 2025.

To control expenses, the courier company has already shuttered and consolidated dozens of sorting facilities, offered buyout packages to unionized drivers, and scaled back its seasonal hiring. UPS is also reducing its delivery volume for its largest customer, Amazon, to lessen its involvement in lower-margin package business.

UPS reported fourth-quarter earnings per share of $2.38. This figure surpassed the average analyst estimate of $2.21 compiled by Bloomberg, while revenue of $24.5 billion also exceeded expectations.

As of 9:55 AM New York time on Tuesday, UPS shares were up 2.4%. The stock had declined 21% over the past year, contrasting with the S&P 500 index's 16% gain during the same period.