July 30, 2008

UPS Takes a Hit from Soaring Fuel

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ATLANTA – On Jul. 22 United Parcel Service (GPS) reported an in-line profit that was hit by fuel costs and a weak U.S. economy, but the package delivery company’s shares rose more than three percent as analysts said it was performing well despite multiple challenges, according to Reuters.

UPS said it expected the second half of the year to generate “modestly better results” than in the first half. UPS reported quarterly net income of $873 million, or 85 cents per share, compared with $1.10 billion, or $1.04, a year earlier.

UPS reported revenue for the quarter of $13.0 billion, up 6.7 percent from the $12.2 billion it reported for the second quarter of 2007. Analysts had expected revenue for the quarter of $12.8 billion.

Revenue at the company’s domestic U.S. package service rose to $7.7 billion from $7.6 billion, but the average daily package volume dipped to 13.1 million from 13.2 million. UPS said it had seen a “more pronounced” shift by customers to lower-cost services from its premium products.

The company said revenue at its international segment rose to $2.95 billion from $2.5 billion, but added that results were negatively impacted by fuel costs and declining U.S. import volumes.

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