UPS 3Q profit falls on charge; narrows forecast - Los Angeles News | FOX 11 LA KTTV

UPS 3Q profit falls on charge; narrows forecast

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NEW YORK -

UPS says its third-quarter earnings sank on a huge penalty to withdraw from a pension plan. Without that charge, net income fell slightly but matched expectations on Wall Street.

The world's largest package delivery company is also narrowing its earnings forecast for the full year.

UPS says it earned $469 million, or 48 cents per share, in the most recent quarter, 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.

FactSet says analysts expected a profit of $1.06 per share on revenue of $13.32 billion.

United Parcel Service Inc. says improving international operating profit countered declines in the U.S. package and freight segments.

 

Copyright 2012 The Associated Press.

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