UPS posts lower second-quarter profit
Sandy Springs-based UPS reported a $1.07 billion profit for the second quarter, down from nearly $1.12 billion a year ago.
That brought the shipping giant’s diluted earnings per share down to $1.13 for the quarter, compared with $1.15 in the same period last year.
Chief financial officer Kurt Kuehn in a written statement called the results “below our expectations,” adding that the company will focus on long-term strategy and “adapting to changing market conditions.”
Though UPS said its revenue grew 1.2 percent to $13.5 billion, it had “disappointing performance in freight forwarding” while international customers are trading down to slower-moving shipments. In the domestic market, the company also is seeing slower growth in volume due to ongoing labor negotiations, after the Teamsters voted in June to approve a national UPS labor contract but rejected some supplemental agreements.
About the Author
As business team lead, Kelly Yamanouchi edits and writes business stories. She graduated from Harvard and has a master's degree from Northwestern.
