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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
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
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03/17/201409:37:33U.S. Hot Stocks: Hot Stocks to Watch
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
02/20/201419:57:52NTSB Details Pilot Errors Before 2013 UPS Cargo Jet Crash
02/13/201418:10:15UPS Hikes Quarterly Dividend by 8.1%
02/12/201416:09:26Atlas Air Sees Slide in Pentagon Flying
02/05/201421:00:14UPS and Pilots Union Seek Federal Mediation
02/05/201420:47:21UPS and Pilots Union Ask for Federal Mediation -- Update
02/05/201419:20:38UPS and Pilots Union Move Contract Talks to Mediation
01/30/201413:57:15UPS Unveils Plans to Improve Delivery Performance
01/30/201409:41:48U.S. Hot Stock Futures: Hot Stocks to Watch
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01/24/201419:13:31Western Pennsylvania Teamsters Reject Part of UPS Pact
01/23/201420:28:17Delivery Companies Face Issues With Shipments to Individuals...
01/23/201417:22:37Delivery Companies Face Issues With Shipments to Individuals...
01/23/201416:17:52Delivery Companies Face Issues With Shipments to Individuals...
01/23/201415:23:39Some Delivery Companies Halt Individual Customer Service to Russia...

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