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UPS Adopts Mark-To-Market Accounting Method; Warns Of Weaker 4Q Net

DOW JONES NEWSWIRES United Parcel Service Inc. (UPS) said it is changing the way it accounts for gains and losses related to its pension plans, saying the system is more transparent, but warned of an $827 million pre-tax charge for the change this fiscal year. The change has no effect on the actual pension plans. The shipping company will switch to recording pension-related gains and losses each year, rather than spreading the impact over several years. It follows several other major companies that have recently adopted the accounting method, including Honeywell International Inc. (HON), International Business Machines Corp. (IBM) and AT&T Inc. (T). The accounting change will reduce fourth-quarter earnings by 51 cents a share, but should raise adjusted earnings by 3 cents. Full-year earnings will be reduced by 41 cents, but adjusted earnings will rise by 12 cents. The company previously forecast adjusted earnings of $4.15 to $4.40 for the year. A market-to-market adjustment will be made in the fourth quarter of each year going forward. International growth has kept overall volume rising lately as U.S. volume has stagnated. But, UPS has been increasingly wary of how business in the U.S. will hold up as the economic outlook grows cloudier. UPS has also offset climbing fuel costs with some increased shipping rates. In October, UPS said its third-quarter earnings rose in results the company said were driven by its supply chain/freight segment. Shares closed Thursday at $75.84 and were inactive premarket. The stock is up 6% over the past three months. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Honeywell (HON)
DateTimeHeadline
02/12/201616:32:13Current Report Filing (8-k)
02/12/201610:36:00Honeywell Sets April 25th For Annual Shareowners Meeting
02/12/201610:30:00Honeywell Makes Science Fun For 320 High School Students At The...
02/12/201609:46:00Honeywell Declares Quarterly Dividend
02/11/201616:27:11Statement of Changes in Beneficial Ownership (4)
02/11/201616:26:45Statement of Changes in Beneficial Ownership (4)
02/11/201612:59:25Statement of Ownership (sc 13g)
02/11/201609:00:00Honeywell Develops Virtual Reality Technology for Future DARPA...
02/09/201616:43:23Statement of Changes in Beneficial Ownership (4)
02/09/201615:36:00Honeywell To Present At Barclays Industrial Select Conference
02/09/201608:45:00Honeywell Selected By Memphis Light, Gas And Water To Deploy...
02/08/201616:06:27Statement of Changes in Beneficial Ownership (4)
02/08/201611:50:16Amended Statement of Ownership (sc 13g/a)
02/08/201609:00:00Honeywell Addresses Industrial Internet Of Things Information...
02/04/201620:45:00Indices S&P Dow Jones annonce des modifications aux indices canadiens...
02/04/201618:28:00Honeywell to Buy Smoke Detection and Video Security Company Xtralis
02/04/201617:15:00S&P Dow Jones Indices Announces Changes to the S&P/TSX Canadian...
02/04/201617:00:00Honeywell Acquires Xtralis, A Leader of Early Fire and Intrusion...
02/04/201612:44:00Honeywell Completes Acquisition Of COM DEV International's Space...
02/03/201609:00:00Honeywell UOP Technology, Modular Equipment Powers New Clean...

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