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United Parcel Service, Inc. : UPS 2Q Net Up 2.2% on Strength in US, Cuts Year View

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07/24/2012 | 02:21pm CEST
   By Saabira Chaudhuri 

United Parcel Service Inc.'s (UPS) second-quarter profit rose 2.2% the package giant saw a stronger performance from its U.S. package segment, offsetting weakness overseas.

But the company reduced its per-share earnings guidance for the year to $4.50 to $4.70 a share from its April guidance of $4.75 to $5 a share.

"Increasing uncertainty in the United States, continuing weakness in Asia exports and the debt crisis in Europe are impacting projections of economic expansion," Chief Executive Scott Davis said.

Shares slipped 3.3% to $75.38 in recent premarket trading as results also missed expectations. The stock is up 6.5% so far this year.

UPS continues to face a weak global air-freight market, which has suffered from slumping volume in Asia and a drop in exports to the U.S., though the shipping company said earlier this year its domestic package shipments are rising at a brisk pace.

Earlier this month, UPS's freight division raised its rates by an average 5.9% for noncontractual shipments in the U.S., Canada and Mexico. And in May the company outlined plans to use a higher percentage of cash to finance its $6.8 billion purchase of Dutch package shipper TNT Express N.V. (TNTE.AE, TNTEY) and received authorization to buy back an additional $5 billion in stock.

UPS reported earnings of $1.12 billion, or $1.15 a share, up from $1.09 billion, or $1.09 a share, a year earlier. Revenue edged up 1.2% to $13.35 billion.

Analysts surveyed by Thomson Reuters expected a profit of $1.17 on revenue of $13.7 billion.

Operating margin widenened slightly to 13.4% from 13.2%.

U.S. package revenue increased 4.1% as the unit's operating profit climbed 14%. Daily volume rose 4%. In the international package business, revenue slipped 4.1% under pressure from currency fluctuations, weaker global economies and reductions in exports from Asia, while operating profit slid 10%. Average volume per day was flat at 2.3 million.

Supply chain and freight revenue fell 1.7% to $2.28 billion.

Write to Saabira Chaudhuri at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2017 64 216 M
EBIT 2017 8 292 M
Net income 2017 5 211 M
Debt 2017 12 273 M
Yield 2017 3,02%
P/E ratio 2017 18,39
P/E ratio 2018 16,91
EV / Sales 2017 1,68x
EV / Sales 2018 1,60x
Capitalization 95 523 M
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United Parcel Service Technical Analysis Chart | UPS | US9113121068 | 4-Traders
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Technical analysis trends UNITED PARCEL SER...
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Mean consensus HOLD
Number of Analysts 27
Average target price 113 $
Spread / Average Target 3,0%
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David P. Abney Chairman & Chief Executive Officer
Richard N. Peretz Chief Financial Officer, Treasurer & Senior VP
Juan R. Perez Chief Information & Engineering Officer
Carol B. Tomé Independent Director
Michael J. Burns Independent Director
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