UPS Restates 2007 Results

Parcel courier UPS Inc. on Friday said it restated its financial results for 2007, lowering its yearly per-share earnings to 36 cents from 42 cents because of a tax error, Bloomberg News reported.

The change centered around a $65 million tax benefit related to the carrier’s withdrawal from the Central States Pension Plan that was incorrectly recorded in the fourth quarter, UPS said in a statement.

Also as a result of the error, UPS said it revised its fourth quarter loss to $2.52 a share from $2.46 a share.

UPS, Atlanta, ranks No. 1 on the Transport Topics 100 list of the largest for-hire carriers in the United States and Canada.