UPS’ Second-Quarter Income Declines 49%
UPS Inc. said Thursday its second-quarter profit fell 49% to $445 million, or 44 cents a share, from $873 million, or 85 cents, a year ago.
Adjusted earnings per share was 49 cents. Revenue declined 16.7% to $10.8 billion, the company said in a statement.
Its supply chain & freight segment’s operating profit fell 14.9% to $126 million, while revenue dropped 23.3% to $1.8 billion.
Less-than-truckload unit UPS Freight “continued to take share in an extremely competitive environment,” and “its 1.9% decline in shipments year-over-year was in sharp contrast to the double-digit market decline,” UPS said.
Domestic package operating profit plunged 47.1% to $476 million, while revenue fell 12% to $6.8 billion.
International package operating profit fell 28% to $293 million, while revenue fell 23.8% to $2.2 billion.
The business environment in the third quarter should be similar to the second quarter, the company said, in holding its guidance steady at 45 cents to 55 cents per share for the third quarter, the same it issued for the second quarter.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
