UPDATE: UPS Posts Drop In Q1 Profit

United Parcel Service

reported a drop in its first-quarter profit. The company's earnings declined to $911 million, or $0.98 per share, versus $1.04 billion, or $1.08 per share, in the year-ago period. United Parcel Service's quarterly operating profit fell to $927 million. Its revenue climbed 2.6% to $13.8 billion. However, analysts were estimating earnings of $1.08 per share on revenue of $13.91 billion. United Parcel Service's average daily shipments in the US surged 4.2%. United Parcel Service shares fell 1.01% to $98.00 in pre-market trading.