Pension shift drives big loss for UPS
UPS
Inc., the world’s largest shipping carrier, reported Wednesday that it
swung to a hefty loss in the fourth quarter due to a $6.1 billion
payment to shift 45,000 of its employees from one pension plan to
another.The company also said it expects financial headwinds to hamper
its results in the first quarter of 2008.Executives said UPS was
hindered by the large spike in fuel prices in a short period in the
fourth quarter. For the three months ended Dec. 31, Atlanta-based UPS
said it lost $2.58 billion, or $2.46 a share, compared with a profit of
$1.13 billion, or $1.04 a share, for the same period a year earlier.