Revised Earnings

[moreluck]

AP
UPS Revises 4Q Earnings
Friday February 29, 4:51 pm ET
By Harry R. Weber, AP Business Writer UPS Revises 4Q Earnings, Shows It Missed Expectations


ATLANTA (AP) -- UPS Inc., the world's largest shipping carrier, said Friday a bookkeeping error caused it to inflate its reported earnings for the fiscal 2007 fourth-quarter and full-year by $65 million.
The error means the company missed Wall Street expectations instead of meeting them, as reported previously.
The Atlanta-based company said it was revising its results, which it first reported on Jan. 30, to fix the discrepancy.
The error involved a state income tax benefit of $65 million that was recorded twice in the fourth quarter instead of once, company spokesman Norman Black said.
The revision affects only earnings and earnings per share for the fourth quarter and full-year 2007, UPS said. The revision does not affect the company's reported revenue figures for the relevant periods, nor does it affect the future guidance the company gave.
As a result of the revision, UPS said that for the three months ended Dec. 31, it lost $2.64 billion, or $2.52 a share. Previously, it said it lost $2.58 billion, or $2.46 a share, in the quarter.
Excluding one-time items, UPS said it earned $1.13 billion, or $1.07 a share, in the fourth quarter. Previously, it reported that it had earned $1.20 billion, or $1.13 a share, in the quarter on an adjusted basis.
Analysts surveyed by Thomson Financial had been expecting adjusted earnings of $1.13 for the quarter, which means that UPS fell short of forecasts. Before, it had matched them.
For all of 2007, UPS said it earned $382 million, or 36 cents a share. Previously, it had reported that it earned $447 million, or 42 cents a share.

[mountaingoat]

Hopefully, since this is on 29-Feb, this only happens once every four years.

[upsdude]

Originally Posted by moreluck

Previously, it said it lost $2.58 billion, or $2.46 a share, in the quarter.

I lost 30 bucks a few years ago, looked everywhere, never found it.

[scratch]

Somebody recorded a 65 million dollar state tax benefit twice? They will probably get promoted.

[ups79]

Originally Posted by moreluck

AP
UPS Revises 4Q Earnings
Friday February 29, 4:51 pm ET
By Harry R. Weber, AP Business Writer UPS Revises 4Q Earnings, Shows It Missed Expectations


ATLANTA (AP) -- UPS Inc., the world's largest shipping carrier, said Friday a bookkeeping error caused it to inflate its reported earnings for the fiscal 2007 fourth-quarter and full-year by $65 million.
The error means the company missed Wall Street expectations instead of meeting them, as reported previously.
The Atlanta-based company said it was revising its results, which it first reported on Jan. 30, to fix the discrepancy.
The error involved a state income tax benefit of $65 million that was recorded twice in the fourth quarter instead of once, company spokesman Norman Black said.
The revision affects only earnings and earnings per share for the fourth quarter and full-year 2007, UPS said. The revision does not affect the company's reported revenue figures for the relevant periods, nor does it affect the future guidance the company gave.
As a result of the revision, UPS said that for the three months ended Dec. 31, it lost $2.64 billion, or $2.52 a share. Previously, it said it lost $2.58 billion, or $2.46 a share, in the quarter.
Excluding one-time items, UPS said it earned $1.13 billion, or $1.07 a share, in the fourth quarter. Previously, it reported that it had earned $1.20 billion, or $1.13 a share, in the quarter on an adjusted basis.
Analysts surveyed by Thomson Financial had been expecting adjusted earnings of $1.13 for the quarter, which means that UPS fell short of forecasts. Before, it had matched them.
For all of 2007, UPS said it earned $382 million, or 36 cents a share. Previously, it had reported that it earned $447 million, or 42 cents a share.

I guess you know who our chief financial officer was before he was promoted to ceo.

[upsdude]

Originally Posted by ups79

I guess you know who our chief financial officer was before he was promoted to ceo.

Yep, a bean counter, and not a very good one either. LOL

[moreluck]

I personally find this kind of mistake totally unacceptable !!!

[raceanoncr]

Where do I address the warning letter for THIS?

[Bad Gas!]

They lose 65 million on a mistake.no problem.....We have a $200 backing accident and our job is threatened...or go over 9/5....Lets tell upper mgt to micromanage uppermgt like they do us!

[ihadit]

I'm sure it was an honest mistake. UPS would never fudge the numbers!

You would expect that from FDX not us!

[terry mac]

The last few times I incorrectly adjusted my checking account by 65 million, I usually bounce a check or two. But not to worry, I ve got that overdraft thingie.

[browniehound]

Originally Posted by moreluck

I personally find this kind of mistake totally unacceptable !!!

Moreluck,
I believe this wasn't a mistake. I get a warning letter if I go back and deliver a 'not in 1' package later in the day without hitting 'duplicate stop'.

If this is the case with me, how does one keep his job when they punch the $65,000,000 button twice and don't hit "duplicate tax deduction" (LOL) when accounting our business??????

This isn't a mistake. It looks deliberate to me.

Brownie

[browniehound]

Did I read that post right? UPS lost $2.64 billion last quarter? That HAS to be wrong or a 1-time accounting "blip".

Did we really lose that much money last quarter?????

If so, its the first time in almost 10 years that I've been with UPS that they reported a quarterly loss.

So, again, did I read that correctly or did someone print it incorrectly?

Brownie

[terry mac]

that might just be another "error"

[UPS Lifer]

I think this 2.64 Billion is the right off for the Central States Fund.

[tieguy]

Originally Posted by browniehound

Did I read that post right? UPS lost $2.64 billion last quarter? That HAS to be wrong or a 1-time accounting "blip".

Did we really lose that much money last quarter?????

If so, its the first time in almost 10 years that I've been with UPS that they reported a quarterly loss.

So, again, did I read that correctly or did someone print it incorrectly?

Brownie

Yes you read right. due to the CS pension payoff they took a one time hit on earnings. or so they say

Brownie if the numbers were fudged intentionally then why come out with the correction when they discover the error?

[brown bomber]

probably a Central States item in regards to the stated loss...

no need to fear..Mgt. has assured me they have a handle on all of the numbers..(not your numbers) but the numbers that matter.........?????????? mine..no way
just keep delivering........we were UNITED PARCEL SERVICE..in my mind I'm still UNITED PARCEL SERVICE....I'm not sure what the new and improved UPS has accomplished

[upsgrunt]

Years ago, when we took cash for cod's, I was like a nickel short one day on my turn in (it was a counting error). You would have thought I tried to embezzle a million dollars with the amount of paperwork and people that talked to me yet someone makes a 65 MILLION dollar mistake and the impression is given off like it is just an oversight. geeeeesh

[browniehound]

Originally Posted by tieguy

Yes you read right. due to the CS pension payoff they took a one time hit on earnings. or so they say

Brownie if the numbers were fudged intentionally then why come out with the correction when they discover the error?

Thanks Tie,

I forgot about the CS payoff.

I have no proof the numbers were fudged intentionally and I guess 65 million is only about 1/500 of $2.64 billion, so its peanuts!

Did they come out with the correction maybe because of fear someone outside of the organization may have found the error and our new great people at corporate headquarters were looking at jail time if they didn't admit it?

This is pure speculation and I am just throwing it out there. I have no leg to stand on in my argument and I'm sure everything is legit.

Tie, your scenario makes more sense. Why come out in public with ther correction before they had to?

Browne