UPS forecasts 2013 profit below estimates, shares slide - Reuters
UPS, the world's largest package-delivery company, said it expects earnings to rise 6 percent to 12 percent in 2013, to $4.80 to $5.06 per share, which is below the average Wall Street target of $5.11.
"We remain in a cycle of mixed growth and mixed signals," Chief Executive Scott Davis told investors on a conference call. "I have talked to a number of customers and it is clear that fiscal uncertainty continues to erode business confidence and growth prospects. This will continue until Washington starts to compromise."
The company posted a fourth-quarter net loss of $1.75 billion, or $1.83 per share, after a $3 billion noncash charge for pension obligations. In the year-earlier period, it earned $725 million, or 74 cents per share.
UPS, the world's largest package-delivery company, said it expects earnings to rise 6 percent to 12 percent in 2013, to $4.80 to $5.06 per share, which is below the average Wall Street target of $5.11.
"We remain in a cycle of mixed growth and mixed signals," Chief Executive Scott Davis told investors on a conference call. "I have talked to a number of customers and it is clear that fiscal uncertainty continues to erode business confidence and growth prospects. This will continue until Washington starts to compromise."
The company posted a fourth-quarter net loss of $1.75 billion, or $1.83 per share, after a $3 billion noncash charge for pension obligations. In the year-earlier period, it earned $725 million, or 74 cents per share.
