UPS Says 2Q Profit Smaller Than Analysts Expected
ATLANTA (AP) — UPS says its second-quarter earnings will be hurt as customers use cheaper options.
The package delivery and logistics company also says it’s seeing a slowdown in the U.S. industrial economy.
United Parcel Service Co. says its second quarter earnings per share will be $1.13. Analysts surveyed by FactSet had been expecting $1.20 per share.
UPS stock is down $4.60, or 5 percent, to $86.85 in premarket trading.
It says it expects the same trends to continue, and it’s adapting to meet those conditions. It cut guidance for full-year earnings to a range of $4.65 to $4.85 per share. That’s more than it earned last year. But it’s lower than the $4.98 per share that analysts had been expecting.
The company will release full results on July 23.
Copyright 2013 The Associated Press.