UPS 4Q Profit Surges On Year-Earlier Charges, Higher Margins

United Parcel Service Inc. (UPS) provided fresh optimism Tuesday that the global economy is on the mend, with executives forecasting gains in package volume, pricing and profit for 2010.

The company's fourth-quarter earnings nearly tripled, although the year-ago figure was dragged down by a number of charges. Excluding year-ago items, fourth-quarter profit was off 9.6%.

Revenue fell 2.5% to $12.38 billion, hurt by weakness in the U.S., but came in ahead of Wall Street's $12.23 billion consensus expectation.

"It looks like this recession is finally over," Chief Executive Scott Davis told analysts on a post-earnings conference call, although he cautioned that the first quarter is likely to be challenging regardless.

Read Full Article from Wall Street Journal

- Posted: 2010-02-02 10:44:53

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