Business

Pension charge pushes UPS 4Q results into the red

Posted January 31, 2013 8:08 am

Associated Press

UPS is reporting a fourth-quarter loss of $1.75 billion because of a $3 billion accounting charge for pension liabilities.

Without the pension item, UPS said Thursday that it would have earned $2.05 billion, or $1.32 per share. That includes a loss of 5 cents per share from Hurricane Sandy.

Analysts had expected UPS to post adjusted earnings of $1.38 per share. The company says it was slowed down by weak global trade and a disappointing holiday shopping season.

Revenue of $14.57 billion came in just above estimates of $14.48 billion.

Shares fell 2.4 percent to $79.28 in premarket trading.

United Parcel Service Inc. says consumer spending on holiday shopping was less than expected, although it still carried record numbers of packages, including nearly 28 million on the busiest day.

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