UPS's Stock Slides After Sales Miss Expectations

By Tomi KilgoreMarketWatch Pulse

United Parcel Service Inc.'s stock dropped 1.1% in premarket trade Tuesday, after the package delivery company beat third-quarter profit expectations, but missed on sales. Earnings rose to $1.26 billion, or $1.39 a share, from $1.21 billion, or $1.32 a share. That topped the FactSet earnings-per-share consensus of $1.37. Revenue slipped to $14.24 billion from $14.29 billion, below the FactSet consensus of $14.41 billion, as a decline in international package revenue offset increases in domestic and supply chain and freight revenue. Domestic daily shipments rose 0.6%, while international daily exports increased 1.2%. The company affirmed its full-year EPS outlook of $5.05 to $5.30. The stock has lost 4.5% year to date, while the S&P 500 has tacked on 0.6%.

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