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UPS incurs USD1.75b loss in Q4  Join our daily free Newsletter

MENAFN - 01/02/2013

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(MENAFN) United Parcel Service's Inc. (UPS) Chairman and CEO, D. Scott Davis, stated that in 2012's last quarter, the company incurred a loss of USD1.75 billion, from a profit of USD725 million in 2011's same period, reported AP.

Davis attributed the loss to a pension-accounting charge, without which, the company would have earned USD2.05 billion in the quarter.

The world's biggest package-delivery company's fourth quarter operations were affected by sluggish global trade and a disappointing holiday-shopping season that decelerated in the period.

According to the firm, consumer spending on holiday shopping was less than forecasted, even though it still carried a record 500 million packages.

However, business in Europe is more stable than in 2011, while the US is starting the current year with a strong performance, meanwhile, the Atlanta-based firm expects the first quarter to be fairly flat, hurt by one less business day than in last year.

In the fourth quarter, revenue went up 3 percent to USD14.57 billion.

The company noted that disruptions from Hurricane Sandy reduced earnings by USD0.5 per share and money spent on the failed pursuit of Dutch delivery firm TNT Express NV cost another penny per share.

In January, United Parcel abandoned an agreement to acquire TNT, a deal that would have increased the US company's presence in Europe, however, antitrust regulators there insisted on concessions that UPS considered too costly.

During the current year, the company will spend USD4 billion on purchasing back its own stock.

It is worth noting that UPS operates fleets of trucks and planes that haul everything from trinkets to industrial equipment between firms and from businesses to consumers.

 






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