UPS 2Q profit falls 58 percent, misses estimate

Industrials Associated Press

United Parcel Service Inc. (UPS) on Tuesday reported net income that declined by 58 percent in its second quarter, and missed analysts' expectations.

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The Atlanta-based company said profit declined to $454 million, or 49 cents per share, from $1.07 billion, or $1.13 per share, in the same quarter a year earlier.

Earnings, adjusted for non-recurring costs, were $1.21 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.24.

The company said revenue climbed 5.6 percent to $14.27 billion from $13.51 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $14.07 billion, according to Zacks.

United Parcel Service shares have fallen $2.42, or 2.3 percent, to $102.66 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.1 percent. However, the stock has risen $15.85, or 18 percent, in the last 12 months.

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This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full UPS report: http://www.zacks.com/ap/UPS

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Keywords:UPS,Earnings Report