The largest overnight package shipper pre-announced second-quarter earnings on July 13, saying it would earn $1.13 a share. At the time, analysts surveyed by Thomson Reuters were forecasting $1.20. In the same period a year earlier, UPS earned $1.15 a share.
The company also reduced full-year EPS guidance to a range between $4.65 and $4.85. The consensus estimate had been $4.98.
Earnings fell to $1.05 billion from $1.12 billion."UPS second quarter results were below our expectations as a result of disappointing performance in freight forwarding and a slight miss in international package," Chief Financial Officer Kurt Kuehn said Tuesday in a prepared statement. "Looking toward the back half of the year, although global economic expectations have been lowered, UPS expects growth in adjusted diluted earnings per share of 4-13% over the same period last year," he said. During the quarter, revenue rose 1.2% to $13.5 billion. International package volume improved 5% while domestic volume grew 1.9%. Follow @tedreednc -- Written by Ted Reed in Charlotte, N.C. >To contact the writer of this article, click here: Ted Reed