UPS Q2 Profit Down, Misses Estimates, While Sales Beat Street; Stock Down In Pre-market

United Parcel Service

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(RTTNews) - United Parcel Service, Inc. (UPS) reported Tuesday lower profit in its second quarter with weak revenues. Adjusted earnings missed market estimates, while top line beat Street.

In the pre-market activity on the NYSE, UPS shares were losing around 3.5 percent to trade at $97.99.

In the second quarter, the package delivery giant said its net income dropped 8.9 percent to $1.28 billion from last year's $1.41 billion. Earnings per share were $1.51, down 8.5 percent from $1.65 a year ago.

Adjusted earnings were $1.31 billion or $1.55 per share for the period, compared to $1.53 billion or $1.79 per share a year ago.

The Wall Street analysts on average expected the company to report earnings of $1.57 per share. Analysts' estimates typically exclude special items.

Consolidated revenues of $21.22 billion declined 2.7 percent from $21.82 billion a year ago. The Street expected revenues of $20.85 billion for the quarter.

The drop in U.S. Domestic package and supply chain solutions revenues were partly offset by growth in International package revenues.

Further, the company said it is not providing revenue or operating profit guidance due to the current macro-economic uncertainty.

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