UPS shares slump as revenue forecast reduced

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Shares of United Parcel Service Inc. UPS slumped 3.4% in premarket trading Tuesday, after the package delivery giant reported first-quarter profit that matched expectations but revenue that fell a bit shy and trimmed its full-year outlook. Net income fell to $1.90 billion, or $2.19 a share, from $2.66 billion, or $3.03 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.20 was the same as the FactSet consensus. Revenue declined 6.0% to $22.93 billion, just below the FactSet consensus of $22.99 billion, as U.S. domestic package revenue slipped 0.9%, international package revenue…

This article was originally published by Marketwatch.com. Read the original article here.

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