UPS Sees Meeting 2000, 2001 Growth Targets

United Parcel Service(UPS Quote) expects to meet its 2000 and 2001 targets of 10% revenue growth.

The parcel shipping company, which is based in Atlanta, said it expects a slight slowdown in the fourth quarter because of one less shipping day and a softening economy. The company expects earnings per share growth of 7% to 10% for the fourth quarter. UPS also still expects to achieve its targets of 10% revenue growth and income growth in the mid-teens for both 2000 and 2001.

Analysts polled by First Call/Thomson Financial expect fourth-quarter earnings of 64 cents a share, compared with 56 cents a share in the year-ago period. Wall Street also expects the company to earn $2.40 for the full year, up from $2.04 a share in 1999, and analysts expect 2001 earnings of $2.71.

Shares of UPS opened lower Thursday and were recently trading down $3.25, or 5.2%, to $59.38 in New York Stock Exchange composite trading.

Reports out of Hong Kong quoted an executive of FedEx(FDX Quote) as saying the air cargo market is softening, a situation the official partly attributed to the uncertainty surrounding the presidential election in the U.S. Shares of FedEx recently lost $4.21, or 9.1%, to $42.07.