UPS misses estimates, cuts 2012 outlook; shares fall - Reuters
United Parcel Service reported higher quarterly results that missed forecasts and the world's largest package delivery company cut its 2012 outlook, citing uncertain global economic conditions, sending its shares down nearly 4 percent premarket.
The company lowered its full-year outlook to $4.50 to $4.70 a share, from its prior earnings estimate of $4.75 to $5.00 per share, and said customers are more concerned about the economy in the second half of the year.
"Increasing uncertainty in the United States, continuing weakness in Asia exports and the debt crisis in Europe are impacting projections of economic expansion," Scott Davis, UPS chief executive officer, said in a statement.
United Parcel Service reported higher quarterly results that missed forecasts and the world's largest package delivery company cut its 2012 outlook, citing uncertain global economic conditions, sending its shares down nearly 4 percent premarket.
The company lowered its full-year outlook to $4.50 to $4.70 a share, from its prior earnings estimate of $4.75 to $5.00 per share, and said customers are more concerned about the economy in the second half of the year.
"Increasing uncertainty in the United States, continuing weakness in Asia exports and the debt crisis in Europe are impacting projections of economic expansion," Scott Davis, UPS chief executive officer, said in a statement.
