Now regarding our earnings. I'm here this morning with Scott Davis, our CEO; and Kurt Kuehn, our CFO, to discuss the company's results for the quarter and our expectations going forward.Before they begin, however, I want to review the Safe Harbor language. Some of the comments we'll make today are forward-looking statements that address our expectations for the future performance or results of operations of the company. These anticipated results are subject to risk and uncertainties, which are described in detail in our 2009 Form 10-K and 2011 10-Q reports. These reports are available on the UPS Investor Relations website and from the Securities and Exchange Commission. Today's call is being webcast, and will also be available on the UPS Investor Relations website. I want to remind you an adjustment we recorded in the third quarter of last year. The adjustment was related to the sale of real estate and increased net income by $61 million or $0.06 per share. As a result, in their remarks today, Scott and Kurt will refer to UPS' third quarter 2010 results excluding the impact of this gain. Additionally, all 2011 full year references and comparisons to 2010 will refer to adjusted results. We believe this is a more accurate picture of the company's performance. Reconciliations to comparable GAAP measures and free cash flow, which is a non-GAAP financial measure, are explained in the schedules that accompanied our earnings news release. These schedules are also available on the UPS Investor Relations website in the Financial section. [Operator Instructions] Now to begin our review, I'll turn the program over to Scott. D. Scott Davis Thanks, Andy, and good morning, everyone. It was great seeing you at the conference in Louisville. I hope you came away with the better understanding of our many capabilities and the investments we're making for the future. UPS delivered another good quarter of earnings growth.
Highlighting the balance of our business model and its ability to perform in the face of challenging economic conditions. Results like these reflect the value that UPS solutions are providing to customers. There is increasing uncertainty in the global economic environment, most notably, exports from Asia, which slowed significantly during the quarter.On the other hand, it appears that U.S. economy have stabilized and continues to show modest growth. Despite all the concerns of the European economy, our business there continues to perform well with exports 9%. The outlook for the remainder of the year is for continued slow growth. Because we have seen less buildup of inventories heading into peak season, UPS could benefit if consumers respond with stronger and expected holiday purchases just like it did in 2009. We really wont know this until 2 weeks prior to Christmas as peak has become more compressed. Taking a step in the right direction, I want to congratulate Congress and the Administration for approving the critical trade agreements with South Korea, Colombia and Panama. Export growth in these countries will provide economic growth and create jobs here at home. I'm encouraged to finally see some bipartisan cooperation and hopeful that our leadership in Washington can continue to work together to stimulate our economy like the jobs bill that delivers real results and tax reform that encourages business investment. Here at UPS, we are not standing by waiting for the government or the economy to lead us. As we demonstrated during our conference, we continue to innovate and invest in the technology and solutions that our customers value. Recently, we rolled out several innovative groundbreaking products. The most notable being UPS My Choice, which provides consumers with unparalleled delivery options. This service puts controls in the hand of the residential customer. As a secondary benefit, it helps UPS lower costs by eliminating multiple delivery attempts. Since the recent launch of this product, we have over 100,000 subscribers and that number continues to increase rapidly. Read the rest of this transcript for free on seekingalpha.com