Posted: Tuesday, July 29th 2014 at 8:15am
UPS 2Q profit drops 58 percent
By The Associated Press
ATLANTA (AP) -- United Parcel Service Inc. (UPS) on Tuesday reported net income that declined by 58 percent in its second quarter, and missed analysts' expectations.
The Atlanta-based company said profit declined to $454 million, or 49 cents per share, from $1.07 billion, or $1.13 per share, in the same quarter a year earlier.
Earnings, adjusted for non-recurring costs, were $1.21 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.24.
The company said revenue climbed 5.6 percent to $14.27 billion from $13.51 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $14.07 billion, according to Zacks.
United Parcel Service shares have fallen $2.42, or 2.3 percent, to $102.66 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.1 percent. However, the stock has risen $15.85, or 18 percent, in the last 12 months.
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