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UPS Affirms Profit Guidance

The company says growth for the year should still be 10% to 15%.

United Parcel Service

(UPS) - Get United Parcel Service, Inc. Class B Report

backed its previous second-quarter profit growth guidance, which is in line with analysts' estimates, and its expected full-year earnings increase of 10% to 15%.

The company said at an investor meeting in Cologne, Germany, that it expects to earn 58 cents to 62 cents a share in the second quarter, in line with analysts' estimate of 59 cents a share. The company earned 54 cents a share in the previous-year quarter.

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The company didn't provide exact full-year guidance. Analysts expect $2.38 a share. The company earned $2.14 a share last year.

"Trading patterns in Europe continue to shift, with centralized warehousing and manufacturing creating more opportunities for small-package growth and increased demands for supply-chain services. The planned expansion of the European Union can only help this trend," UPS International President David Abney said in a press release.

Shares of UPS were up slightly in early afternoon trading to $63.28.