UPS, the world's largest package delivery
company, on Tuesday cut its profit expectations for 2012, citing the
eurozone financial crisis, economic uncertainty in the United States,
and lower exports from Asia.
The company cut if yearly earning forecast from 5 dollars per share to a maximum of 4.70 dollars.
"Throughout its history, UPS has maintained its strength in all economic cycles and we are making the adjustments necessary to respond to today's challenging conditions," chairman and chief executive Scott Davis said in a statement.
The company's stock retreated after the announcement, dropping 2 per cent in early trading in New York.
"As we look toward the second half of the year, customers are more concerned as greater uncertainty exists," said Chief Financial Officer Kurt Kuehn.
The company is seen as a barometer for the health of global commerce.
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