US courier UPS profits deflated
The world's largest package delivery company UPS has adjusted expectations of annual earnings after profits for the third quarter dropped 10 per cent, the company reported on Thursday, reported dpa.
The company blamed higher fuel costs and the general US downswing for the reduced profits, which came despite a 7.4-per-cent gain in revenue through the quarter.
UPS said it expected earnings per share for 2008 to be at the "lower end" of its forecasts, between 3.50 dollars and 3.70 dollars.
UPS boss Scott Davis said that the company expected growth in its international businesses.
Analysts had predicted an even worse performance.
UPS shares rose slightly on the news.