Pension charge pushes UPS 4Q results into the red

The Associated Press
January 31, 2013

UPS is reporting a fourth-quarter loss of $1.75 billion because of a $3 billion accounting charge for pension liabilities.

Without the pension item, UPS said Thursday that it would have earned $2.05 billion, or $1.32 per share. That includes a loss of 5 cents per share from Hurricane Sandy.

Analysts had expected UPS to post adjusted earnings of $1.38 per share. The company says it was slowed down by weak global trade and a disappointing holiday shopping season.

Revenue of $14.57 billion came in just above estimates of $14.48 billion.

Shares fell 2.4 percent to $79.28 in premarket trading.

United Parcel Service Inc. says consumer spending on holiday shopping was less than expected, although it still carried record numbers of packages, including nearly 28 million on the busiest day.


Be the first to comment

Please check your e-mail for a link to activate your account.
Get Advice Join TDU Donate

Recent News

UPS Proposes 70-Hour Work Week

Teamsters United reports that UPS has a contract proposal on the table that gives the company the right to force package drivers to work up to 70 hours a week anytime they deem it necessary “to avoid service disruptions.”

 

In Divided Vote, IBT Moves Ahead with Pension Threat at ABF

(Reprinted from www.ABFTeamstersUnited.org) A divided IBT General Executive Board voted 13-9 to move ahead with the ABF ratification vote and rejected a motion to fix the pension freeze that threatens the retirement benefits of hundreds of ABF Teamsters.

View More News Posts