Parcel and freight transport giant UPS has reported a slight drop in its second quarter profit, falling from $1.79 billion in 2012 to $1.74 billion for the most recent quarter.
During the same time frame, total revenue increased to $13.51 billion from $13.35 billion.
"UPS second-quarter results were below our expectations as a result of disappointing performance in freight forwarding and a slight miss in International package," said Kurt Kuehn, UPS chief financial officer. "Looking toward the back half of the year, although global economic expectations have been lowered, UPS expects growth in adjusted diluted earnings per share of 4%-13% over the same period last year."
Revenue in company’s supply chain and freight segment was $2.20 billion, down 3.2%. Operating profit dropped to $159 million, due to increases in compensation and benefit expense.
UPS domestic package unit revenue increased to $8.24 billion in the second quarter from $8.06 from a year earlier while operating profit was unchanged at $1.13 billion.
More details are available on the UPS website.