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UPS blames winter weather for drop in 1Q profit

🕐 1 min read

DAVID KOENIG, AP Airlines Writer

DALLAS (AP) — First-quarter revenue at UPS slumped 12 percent as winter storms increased costs for the shipping giant and cut into its revenue.

The Atlanta company says the rough start to the year means that full-year earnings will come in at the low end of earlier forecasts.

UPS posted earnings of $911 million, or 98 cents per share, well short of the $1.08 that Wall Street was looking for, and less than the $1.04 billion, or $1.08 per share, it reported a year earlier.

UPS says winter storms reduced operating profit by $200 million as costs rose.

Revenue rose 2.6 percent to $13.78 billion, but that’s still shy of the $13.91 billion that analysts had forecast.

Shares of UPS Inc. fell $1.31 to $97.93 before the opening bell Thursday.

 

 

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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