United Parcel Service reports solid rise in fourth quarter profit
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Posted 5:50PM on Tuesday, January 28, 2003
ATLANTA - United Parcel Service is reporting solid gains in fourth-quarter profits. <br>
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A favorable tax settlement, growth in its international business and a surge in deliveries at the end of the peak holiday season all helped the Atlanta-based shipping giant beat Wall Street expectations. <br>
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UPS says it earned $1.5 billion -- or $1.32 per share, compared with a profit of $645 million, or 57 cents a share, a year earlier. <br>
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But the company's outlook is less upbeat. <br>
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Chief financial officer Scott Davis says UPS expects 2003 first-quarter earnings to range between 48 cents to 53 cents a share. Analysts are expecting 53 cents.
