Reuters
UPS slashes quarterly view on soaring fuel costs
Monday June 23, 5:04 pm ET
LOS ANGELES (Reuters) - United Parcel Service Inc on Monday warned that its second-quarter earnings would be below expectations due to a sluggish U.S. economy and soaring fuel costs.
The announcement came less than a week after rival package delivery company FedEx Corp issued a weak fiscal 2009 forecast and posted a quarterly loss, also blaming rising fuel prices and an ailing economy.
UPS estimated earnings of 83 cents to 88 cents a share for the quarter, down from a prior view of 97 cents to $1.04 per share.
In a statement, UPS said U.S. package volume had been lower than expected, while demand for higher-priced air delivery services had seen a particular drop.
The company will report results on July 22.
(Reporting by Nichola Groom, editing by Richard Chang)
"Let us then compose ourselves, and bear a firm and courageous heart. Let us feel what we really are,—sinners attempting great things, and succeeding at best only so far as to show that we do attempt them. Let us simply obey God's will, whatever may befall; whether it tend to elate us or to depress us, what is that to us? He can turn all things to our eternal good. He can bless and sanctify even our infirmities." J. H. Newman