Business Services Industry
Slow U.S. Economy Portends Slow Season for FedEx, UPS.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, December, 2000 by Hirschman, Dave
Dec. 15--The slowing U.S. economy has given a lump of coal to United Parcel Service Inc. and rival FedEx Corp. so far this holiday season.
Both companies announced Thursday that their December shipments have been lackluster compared with the same period last year. The delivery giants were hoping for a surge in premium-priced shipments this month to meet financial projections.
The fourth quarter is the most hectic time of the year in the overnight delivery business and typically accounts for 30 percent of annual earnings.
With the heaviest two weeks of the season still ahead, however, UPS said it expects to earn between 7 percent and 10 percent more than the 56 cents a share it earned during last year's fourth quarter. A survey of Wall Street...
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