UPS profit misses estimates on severe U.S. winter
Send a link to a friend
[April 25, 2019]
(Reuters) - United Parcel Service Inc on
Thursday blamed harsh winter weather in the United States as it reported
a lower-than-expected first-quarter profit, sending the world's biggest
package delivery company's shares down 1.2 percent before the bell.
UPS's operating profit in its U.S. domestic business, its biggest, fell
12 percent to $666 million in the first quarter ended March 31, as it
included an $80 million hit due to weather-related disruptions.
Net income fell to $1.11 billion, or $1.28 per share, in the quarter,
from $1.35 billion, or $1.55 per share, a year earlier.
[to top of second column]
Vehicles of United Parcel Service are seen at the new package
sorting and delivery UPS hub in Corbeil-Essonnes and Evry, southern
Paris, France, June 26, 2018. REUTERS/Charles Platiau
Excluding a reduction of 7 cents per share due to severe storms in the U.S.
Northeast and Midwest and other items, UPS earned $1.39 per share, missing
analysts' average estimate of $1.41, according to IBES data from Refinitiv.
Revenue rose 0.3 percent to $17.16 billion, but was below expectations of $17.78
(Reporting by Lisa Baertlein in Los Angeles and Ankit Ajmera in Bengaluru;
Editing by Maju Samuel)
[© 2019 Thomson Reuters. All rights
Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.