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Lowers Forecast * USA - UPS slashes view on soaring fuel costs
United Parcel Service Inc. warned on Monday that second-quarter earnings would be below expectations, blaming high fuel prices and a sluggish U.S. economy
Chicago,ILL,USA -Reuters, by James Kelleher; Nichola Groom; & Steve Orlofsky -June 23 2008: -- ... UPS estimated earnings of 83 cents to 88 cents a share for the quarter, down from a prior view of 97 cents to $1.04 per share... In a statement, UPS said U.S. package volume had been lower than expected, while demand for higher-priced air delivery services had seen a particular drop... It isn't just the package delivery companies that warned that results will be hurt by rising energy and other commodity prices... But given the out-sized role that fuel plays in haulers' expenses, freight and package haulers are especially feeling the pinch... Adding pressure is the slowdown in the U.S. economy, which has depressed business activity and left too many truckers chasing too little freight... That's forced many independent truckers -- and some bigger outfits -- to file for bankruptcy protection... Labels: fuel cost troubles
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