ATLANTA AP – UPS Inc., the world’s largest shipping carrier, said Tuesday its profit fell nearly 21 percent in the second quarter despite a 6.7 percent increase in sales. The company also lowered its outlook for the year amid a slumping U.S. economy.
UPS, hit by an average daily volume decline in the U.S. and soaring fuel costs, said its profit was $873 million, or 85 cents a share, in the second quarter, compared to a profit of $1.10 billion, or $1.04 a share, for the same period a year ago. Revenue grew to $13 billion from $12.2 billion.
