Why Shares of UPS Are Down Today
Shares of United Parcel Service (NYSE: UPS) fell 5.7% on Tuesday morning before recovering somewhat after the company reported third-quarter revenue and earnings according to generally accepted accounting principles (GAAP) that missed expectations. The company also announced the resignation of its chief operating officer, raising questions about succession planning at the shipping giant.
Before markets opened on Tuesday, UPS reported third-quarter earnings of $2.01 per share on revenue of $18.32 billion, missing the consensus earnings estimate by $0.06 per share and revenue by about $30 million. The company also reaffirmed its full-year guidance, but admitted that guidance "assumes no further deterioration regarding global trade uncertainty or U.S. industrial weakness."
Image source: UPS.
Source Fool.com
