UPS’ Third-Quarter Income Declines 10%
UPS Inc. said Thursday its third-quarter profit fell 10% to $970 million, or 96 cents a share, from $1.08 billion, or $1.02, a year ago.
Revenue rose 7.4% to $13.11 billion, from $12.2 billion a year ago, the company said in a statement.
Less-than-truckload unit UPS Freight’s performance was “negatively impacted by the slowing U.S. economy,” UPS said.
The company’s domestic package operating income profit slipped 9% to $1.12 billion, while revenue rose 3.9% to $7.8 billion.
International package operating profit fell 9.8% to $386 million, while revenue rose 16.6% to $2.9 billion. Export volume per day rose 7%.
The supply chain and freight unit’s operating profit jumped 148.1% to $129 million, while revenue rose 9% to $2.3 billion.
Chief Financial Officer Kurt Kuehn said UPS was holding its 2008 earnings per share forecast at the lower end of the $3.50 to $3.70 per-share range it provided earlier this year.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
