UPDATE: UPS Reports Upbeat Q4 Profit

United Parcel Service Inc (NYSE: UPS) reported a drop in its fourth-quarter profit.

UPS' quarterly profit fell to $725 million, or $0.74 per share, from $1.03 billion, or $1.02 per share, in the year-ago period. Its sales climbed 6% to $14.2 billion. Excluding one-time items, UPS earned $1.28 per share. However, analysts were expecting a profit of $1.27 per share on sales of $14.5 billion.

UPS expects a full-year profit of between $4.75 and $5.00 per share, versus analysts' estimates of $4.80 per share.

UPS shares gained 1.13% to $77.01 in pre-market trading.