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April 28, 2020, 7:18 a.m. EDT

UPS stock falls after profit miss, but revenue rises above forecasts

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By Tomi Kilgore

Shares of United Parcel Service Inc. /zigman2/quotes/201245396/composite UPS +0.54% dropped 2.5% in premarket trading Tuesday, after the package delivery giant reported first-quarter profit that fell below expectations although revenue beat, and said it is unable to provide financial guidance given uncertainties over the impact of the COVID-19 pandemic. Net income fell to $965 million, or $1.11 a share, from $1.11 billion, or $1.28 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share fell to $1.15 from $1.39, below the FactSet consensus of $1.24. Revenue rose 5.1% to $18.04 billion, above the FactSet consensus of $17.27 billion, as domestic revenue rose 9.3% while international revenue fell 2.2%. UPS said it experienced "significant headwinds" from the impact of the coronavirus pandemic on its customers, coupled with higher self-insurance accruals. While UPS didn't provide full-year financial guidance, it said it expects 2010 capital expenditures to be $1 billion less then previous estimates, and that it is suspending stock repurchases for the year. The stock has lost 11.1% over the past three months through Monday, while the Dow Jones Transportation Average /zigman2/quotes/210598063/realtime DJT +1.88% has dropped 23.4% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.44% has declined 16.0%.

/zigman2/quotes/201245396/composite
US : U.S.: NYSE
$ 115.07
+0.62 +0.54%
Volume: 2.28M
July 10, 2020 4:02p
P/E Ratio
23.29
Dividend Yield
3.51%
Market Cap
$99.21 billion
Rev. per Employee
$149,503
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/zigman2/quotes/210598063/realtime
US : Dow Jones Indices
9,312.48
+172.05 +1.88%
Volume: 253.12M
July 10, 2020 5:09p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,075.30
+369.21 +1.44%
Volume: 337.36M
July 10, 2020 5:09p
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