United Parcel Service 2012 profit declines; disappointed by blocked TNT buy

摘要

United Parcel Service (UPS) posted net income of $807 million in 2012, down 78.8% from a net profit of $3.8 billion in 2011. It attributed the earnings decline to a hefty non-cash charge. UPS said earnings were skewed by a mark-to-market, non-cash, after-tax charge of $3 billion related to pension values. It noted the charge did not affect cash flows. On an adjusted basis, the Atlanta-based delivery giant said it earned 2012 net income of $4.34 billion, up 1.8% compared to an adjusted net profit of $4.31 billion in 2011.