Shipping giant UPS UPS released details of their second quarter. The company recorded EPS of $1.13, in line with analyst estimates and revenue of 13.51 billion, missing estimates by just 0.66 percent.
Although domestic year over year revenue and shipping volume rose, falling margins reduced earnings. CEO Scott Davis commented, “Market conditions and shipper preferences clearly impacted our freight forwarding and international business.”
Similarly, international revenue jumped 1.6 percent to 3.06 billion and daily package volume rose five percent, weaker margins caused a year over year drop in revenue.
The company does point out that its operations were delayed by labor negotiations and that the Teamsters have agreed to contract extensions.
Looking forward to the second half of the year, UPS expects growth between four and thirteen percent, with 2013 EPS ranging from $4.65 to $4.85. This compares to $4.53 last year.
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