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UPS Net Up 2.2% on Strength in US

United Parcel Service Inc.'s (UPS) second-quarter profit rose 2.2% as the package giant saw a stronger performance from its U.S. package segment, offsetting weakness overseas. But the company reduced its per-share earnings guidance for the year to $4.50 to $4.70 a share from its April guidance of $4.75 to $5 a share. "Increasing uncertainty in the United States, continuing weakness in Asia exports and the debt crisis in Europe are impacting projections of economic expansion," Chief Executive Scott Davis said. Shares slipped 3.3% to $75.38 in recent premarket trading as results also missed expectations. The stock is up 6.5% so far this year. UPS continues to face a weak global air-freight market, which has suffered from slumping volume in Asia and a drop in exports to the U.S., though the shipping company said earlier this year its domestic package shipments are rising at a brisk pace. Earlier this month, UPS's freight division raised its rates by an average 5.9% for noncontractual shipments in the U.S., Canada and Mexico. And in May the company outlined plans to use a higher percentage of cash to finance its $6.8 billion purchase of Dutch package shipper TNT Express N.V. (TNTE.AE, TNTEY) and received authorization to buy back an additional $5 billion in stock. UPS reported earnings of $1.12 billion, or $1.15 a share, up from $1.09 billion, or $1.09 a share, a year earlier. Revenue edged up 1.2% to $13.35 billion. Analysts surveyed by Thomson Reuters expected a profit of $1.17 on revenue of $13.7 billion. Operating margin widenened slightly to 13.4% from 13.2%. U.S. package revenue increased 4.1% as the unit's operating profit climbed 14%. Daily volume rose 4%. In the international package business, revenue slipped 4.1% under pressure from currency fluctuations, weaker global economies and reductions in exports from Asia, while operating profit slid 10%. Average volume per day was flat at 2.3 million. Supply chain and freight revenue fell 1.7% to $2.28 billion. Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Ups (UPS)
DateTimeHeadline
07/02/201410:02:09UPS to Invest in European Distribution Capacities -- Report
06/17/201412:03:15UPS to Factor Box Size Into Pricing -- Update
06/12/201410:20:09United Parcel Appoints Chief Commercial Officer
06/10/201422:12:34Former and Current UPS Employees Allege Race Discrimination in...
06/06/201413:54:13UPS Names Operating Chief Abney as CEO -- 4th Update
06/06/201409:47:52U.S. Hot Stocks: Hot Stocks to Watch
06/06/201409:44:10UPS Names Operating Chief Abney as CEO -- 3rd Update
06/06/201409:21:04UPS Names Operating Chief Abney as CEO -- 2nd Update
06/06/201408:23:38UPS Names Operating Chief Abney as CEO -- Update
06/05/201419:56:15Idaho Neighbors Stand By Bowe Bergdahl's Father
05/29/201412:27:37Burning Insurance Question: Are 'Vapers' Smokers?
05/07/201420:16:45FedEx Pricing Changes to Affect Bulky E-Commerce Items
04/24/201420:22:12UPS to Take Pre-Tax Charge on New Labor Contract-- 3rd Update
04/24/201418:31:26UPS to Take Pre-Tax Charge on New Labor Contract-- 2nd Update
04/24/201408:46:18UPS Profit Slides on Harsh Weather -- Update
04/23/201419:09:10UPS Employees Union Votes to Override 3 Local Bargaining Units...
04/10/201417:50:24Teamsters in Louisville, Ky., Reject Part of UPS Contract
04/10/201417:36:13Teamsters in Louisville, Ky., Reject Part of Contract With UPS
03/14/201417:59:10UPS to Raise Some Shipping Rates 4.4%
03/05/201409:20:15UPS to Invest $70 Million in Propane for U.S. Fleet

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