UPS revises 2007 earnings per share
UPS on Friday revised downward its 2007 adjusted diluted earnings per share to $4.11 from $4.17 after discovering it had incorrectly recorded a $65 million tax benefit.
The Atlanta-based company said the tax benefit was related to UPS’s withdrawal from the Central States multiemployer pension plan for trucking companies. UPS Freight, the company’s less-than-truckload unit, withdrew from Central States as part of its recent labor agreement with the Teamsters union. The earnings per share increased 6.5 percent compared to 8.7 percent with the adjustment.
The correction has no impact on revenue, operating profit (loss), income (loss) before taxes nor segment results for the fourth quarter or the full year of 2007, nor does it impact cash flow or liquidity, UPS said.