UPS says 2Q profit down 4 percent
UPS says second-quarter profit is 4 percent lower than last year as customers shift from premium to lower-priced shipping services.
The company is calling the results disappointing and says it's adapting to the changing market.
United Parcel Service Co. said Tuesday that it earned $1.07 billion, or $1.13 per share. That's down from $1.12 billion, or $1.15 per share, a year earlier.
The big delivery company tipped off investors about the headline number last week, so analysts have been expecting the earnings per share figure. But revenue is lower than expected, at $13.51 billion. According to FactSet, analysts are expecting $13.59 billion.
Chief financial officer Kurt Kuehn says the results are below expectations because of disappointing performances in the freight-forwarding and international package-delivery businesses.