Diluted earnings per share were $1.13, down slightly compared to the prior-year period.
As previously reported, UPS expects 2013 adjusted diluted earnings per share to be in a range of $4.65 to $4.85, compared to $4.53 the prior year. The company anticipates EPS growth of 4-13% for the second half of the year.
“Market conditions and shipper preferences clearly impacted our freight forwarding and International business,” said Scott Davis, UPS’s chairman and CEO. “UPS is adapting to these conditions to ensure we deliver a solid second half.”
“UPS second quarter results were below our expectations as a result of disappointing performance in freight forwarding and a slight miss in International package” said Kurt Kuehn, UPS chief financial officer. “Going forward, UPS is focused both on our long-term strategy and adapting to changing market conditions.
“Looking toward the back half of the year, although global economic expectations have been lowered, UPS expects growth in adjusted diluted earnings per share of 4-13% over the same period last year,” Kuehn concluded.