UPS Profit Falls 3% on Lower Shipments
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United Parcel Service Inc. said second-quarter profit fell 3% as customers shifted business to rivals in case the Teamsters union strikes the largest package delivery company when a contract expires July 31.
Net income slid to $611 million, or 54 cents a share, matching estimates. Revenue rose 2.5% to $7.68 billion, helped by more deliveries from Europe and Asia.
United Parcel will negotiate through the weekend with the International Brotherhood of Teamsters, seeking to reach a new contract before the deadline. The sides remain “far apart” in some areas, said the union representing 210,000 United Parcel workers.
United Parcel shares slipped $1.24 to $61.26 on the NYSE.
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