UPS Misses Estimates and Cuts Guidance (Update 1)
Supply chain and freight produced revenue of $2.28 billion, down from $2.32 billion due to slowing international air freight demand and lower pricing. Operating profit slumped to $202 million from $243 million. "Forwarding continues to experience pressure on pricing, especially out of Asia, as excess capacity in the marketplace continues," the company said.
-- Written by Ted Reed in Charlotte, N.C.
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