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UPS says 2Q profit smaller than analysts expected

Published July 12, 2013 2:42 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

ATLANTA • UPS says its second-quarter earnings will be hurt as customers use cheaper options.

The package delivery and logistics company also says it's seeing a slowdown in the U.S. industrial economy.

United Parcel Service Co. says its second quarter earnings per share will be $1.13. Analysts surveyed by FactSet had been expecting $1.20 per share.

UPS stock is down $4.60, or 5 percent, to $86.85 in premarket trading.

It says it expects the same trends to continue, and it's adapting to meet those conditions. It cut guidance for full-year earnings to a range of $4.65 to $4.85 per share. That's more than it earned last year. But it's lower than the $4.98 per share that analysts had been expecting.

The company will release full results on July 23.