UPS Earnings Dip for First Quarter

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Profit for the first three months of 2002 at United Parcel Service was $563 million, down from $582 million for the same period in 2001, the company said yesterday.

Premium air deliveries fell 1.1 percent, and U.S. ground deliveries were off 1.6 percent. International export volume, however, showed solid growth, led by Asia and Europe. Average daily volume in Asia rose 11 percent, and Europe was up 13 percent.

"We have yet to see any significant evidence of a rebound in economic activity in the United States," UPS chief financial officer Scott Davis said. "Nevertheless, we are maintaining our earnings guidance for the second quarter, given three months ago, of 50 cents to 55 cents per diluted share."


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