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)
“Just as it was in the days of Noah, so will it be in the days of the Son of Man. People were eating, drinking, marrying and being given away in marriage, up to the very day Noah entered the ark. Then the flood came, and swept them all away.
And they said to him, 'Where will this happen, Lord?' And He said to them, 'Where death is, there a gathering of vultures will be.'”
Luke 17:26-27, 37