Tim Boyle/Bloomberg News
UPS Inc.’s second-quarter profit improved 4.5% to $1.12 billion, excluding a one-time pension charge, driven by revenue growth in all of its shipping segments.
Net income including the charge was $454 million, compared with $1.07 billion in last year’s second quarter.
The company also lowered its full-year per share forecast, to $4.90 to $5 per share, up 7% to 9% from last year’s results but down from a previously forecast $5.05 to $5.30 a share.
On a per-share basis, income was $1.21 per share excluding the charge, and 49 cents including it. Revenue rose 5.6% to $14.3 billion.
The company’s $1.07 billion pre-tax charge ($665 million after tax) in the quarter was related to the transfer of post-retirement benefit obligations to multiemployer healthcare plans for certain employees employed under the Teamsters National Master Agreement.