UPS 1Q profit falls 12 per cent as winter storms raise costs, cut into revenue | iNFOnews | Thompson-Okanagan's News Source
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UPS 1Q profit falls 12 per cent as winter storms raise costs, cut into revenue

FILE - In this Monday, Oct. 22, 2012, file photo, a UPS driver drives after a delivery in North Andover, Mass. UPS reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Elise Amendola)

DALLAS - First-quarter revenue at UPS slumped 12 per cent as winter storms increased costs for the shipping giant and cut into its revenue.

The Atlanta company says the rough start to the year means that full-year earnings will come in at the low end of earlier forecasts.

UPS posted earnings of $911 million, or 98 cents per share, well short of the $1.08 that Wall Street was looking for, and less than the $1.04 billion, or $1.08 per share, it reported a year earlier.

UPS says winter storms reduced operating profit by $200 million as costs rose.

Revenue rose 2.6 per cent to $13.78 billion, but that's still shy of the $13.91 billion that analysts had forecast.

Shares of UPS Inc. fell $1.31 to $97.93 before the opening bell Thursday.

News from © The Associated Press, 2014
The Associated Press

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