*NEWS*U.P.S. POST A $ 6.1B LOSS

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*NEWS*U.P.S. POST A $ 6.1B LOSS

 user 2008-02-04 at 11:24:00 am Views: 95
  • #19349

    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.