UPS profit meets forecast
By
Posted 11:39AM on Friday 12th July 2002 ( 22 years ago )
ATLANTA - Second-quarter profit fell slightly at United Parcel Service as the freight hauler struggled with a still weak economy and the defection of customers to rival shippers. <br>
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The results met Wal Street expectations. <br>
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The company also announced it will issue 32.5 million shares of Class B stock to meet demand from index funds that mirror the Standard and Poor's 500 index, which will add UPS shares July 19. <br>
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With inclusion in the S&P 500, UPS has estimated that 70-100 million new shares will be needed. <br>
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The Atlanta-based UPS released a partial quarterly report Friday -- eleven days earlier than scheduled -- because of the need to register the new shares. UPS plans a more detailed earnings release July 23.
http://accesswdun.com/article/2002/7/192578
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