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Sales climb but net income falls

EARNINGS ROUNDUP / UPS

October 24, 2008|TIMES WIRE SERVICES

United Parcel Service Inc.'s third-quarter profit fell nearly 10% despite a rise in sales, the world's largest shipping carrier said as it warned that it faced more challenges ahead, job cuts may be on the horizon and that the "scope and the size" of a deal it is working out to carry some packages for rival DHL could change.

Although its results for the quarter beat Wall Street expectations, the Atlanta-based company projected its full-year earnings per share would come in toward the lower end of the $3.50-to-$3.70 range it gave in July.

UPS said it earned $970 million, or 96 cents a share, a 9.9% decline from profit of $1.08 billion, or $1.02, a year earlier. Revenue in the quarter rose 7.4% to $13.11 billion.

Analysts surveyed by Thomson Reuters expected earnings of 89 cents a share on revenue of $13 billion.

UPS shares rose $1.74, or 3.8%, to $48.13.

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