UPS Reports Lower 3Q Profit
UPS Inc. said Tuesday its third-quarter profit fell 56% on pension-restructuring charges.
Net income fell to $469 million, or 48 cents per share, from $1.07 billion, or $1.09, a year ago. Revenue fell 0.7% to $13.07 billion, the company said in a statement.
UPS said that net income was $1.03 billion excluding the pension restructuring costs, or 4.1% below last year’s third quarter.
Profit rose in the international package business, but declined in the U.S. domestic package and the supply chain and freight units. The UPS Freight LTL business increased revenue 3.6%.
UPS said its full-year earnings forecast will be $4.55 to $4.65 per share, from a previous $4.50 to $4.70 per-share projection.
“Our results were achieved in an environment of slowing global trade and changing market dynamics,” Chief Executive Officer Scott Davis said in the statement.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
