UPS lowers expectations as weakening U.S. economy hurts volumes
UPS has lowered its first quarter earnings expectations as lower volume trends experienced in February continued through March.
The company now expects 86 cents or 87 cents per diluted share in the first quarter from a previously anticipated range of 94 cents to 98 cents.
“The U.S. economy has continued to weaken, causing a reduction in domestic package volume and a shift away from premium products. Significantly increased fuel costs in the quarter also contributed to the lower-than-expected results,” UPS said in a statement.
The company will discuss its first quarter results and outlook for the year on April 23.
UPS lowers expectations as weakening U.S. economy hurts volumes
