clear
Wednesday August 5th, 2015 8:28AM

UPS 3Q profit falls

By The Associated Press
NEW YORK (AP) -- Atlanta-based UPS says it's uncertain how strong the holiday shopping season will be, and that the pace of global growth remains uneven.

But the world's largest package delivery company managed to match Wall Street expectations for third quarter earnings, and shares rose slightly before the market opened Tuesday.

The company reported a drop in third-quarter earnings Tuesday, as declines in its U.S. package and freight business offset improving international operating profit. UPS' net income was hurt by a huge penalty to withdraw from a pension plan. Even without that big charge, net income eased - although it matched forecasts from Wall Street analysts.

"Our results were achieved in an environment of slowing global trade and changing market dynamics," said Scott Davis, UPS chairman and CEO

The company said it is able to better forecast its earnings for the year. It narrowed its outlook to a range of $4.55 to $4.65 per share, from an earlier forecast of $4.50 to $4.75. It predicting adjusted net income will rise between 5 and 7 percent from adjusted results in 2011.

In the most recent quarter, United Parcel Service Inc. earned $469 million, or 48 cents per share, compared with $1.07 billion, or $1.09 per share, a year earlier. Without the huge charge, it earned $1.03 billion, or $1.06 per share. Revenue fell less than 1 percent to $13.07 billion.

Analysts polled by FactSet expected a profit of $1.06 per share on revenue of $13.32 billion.

While operating profit declined at UPS' core US package segment, the international segment produced its highest-ever profit for the summer quarter. The domestic unit is more than double the size of international.

The company's stock price rose $1.04, or 1.45 percent, to $72.60 in premarket trading.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Doctors: Blood clot located in Clinton's head
Secretary of State Hillary Rodham Clinton developed a blood clot in her head but did not suffer a stroke or neurological damage, her doctors said Monday. They say they are confident that she will make a full recovery.
3:55PM ( 2 years ago )
Illinois Sen. Kirk to return a year after stroke
Nearly a year after a stroke left him barely able to move the left side of his body, U.S. Sen. Mark Kirk is expected to climb the 45 steps to the Senate's front door this week - a walk that's significant not just for Illinois' junior senator, but also for medical researchers and hundreds of thousands of stroke patients.
3:54PM ( 2 years ago )
U.S. News
Ga. ethics legislation could end free tickets
General Assembly approval next year of a proposed ethics reform measure could endanger an important fall tradition for Georgia lawmakers - free football tickets.
6:26PM ( 2 years ago )
Abortion restrictions, tax changes loom in Ga.
Tax breaks for manufacturers and higher unemployment taxes for employers take effect with the new year in Georgia, but it remains to be seen whether the state's newest abortion restrictions will be enforced.
6:23PM ( 2 years ago )
Business News
Couch names administrative team
Ahead of his scheduled swearing in Friday, Hall County Sheriff-elect Gerald Couch named his top administrative team Monday.
6:28PM ( 2 years ago )
Tech beats Southern California in Sun Bowl
Tevin Washington threw a touchdown pass and ran for another score to help Georgia Tech beat Southern California 21-7 on Monday in the Sun Bowl.
5:54PM ( 2 years ago )
Hall Co. officials launch health-based initiative for employees
Hall County officials believe healthy county employees will be of greater service to the county. With that in mind, they have created a health-based fitness initiative to provide free fitness training for county workers.
5:46PM ( 2 years ago )
Local/State News
Woman dies, man injured in overnight fire in Flowery Branch
A woman died and a man was seriously burned when a mobile home caught fire in Flowery Branch overnight.
5:45AM ( 2 hours ago )
Traffic signal coming to dangerous Habersham intersection
One of Habersham County's problem intersections will be getting a traffic signal, but it won't be right away.
9:40PM ( 10 hours ago )
Fast pace to bring new Catholic Church to Gainesville will require future patience
A pair of zoning requests made by the Roman Catholic Archdiocese of Atlanta easily made their way through “first reading” at Tuesday evening’s Gainesville City Council meeting, passing unanimously and without any public comment in opposition.
9:07PM ( 11 hours ago )
Debate field is set: Trump, Bush in; Santorum, Fiorina out
CLEVELAND (AP) — Billionaire businessman Donald Trump will be front and center in the Republican Party's leadoff presidential debate, scoring the top spot in Thursday's prime-time faceoff where he'll...
7:27PM ( 13 hours ago )
Flowery Branch woman arrested for Oakwood phone scam
A Flowery Branch woman has been arrested in connection to a phone scam in Oakwood.
6:05PM ( 14 hours ago )