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UPS Issues Profit Warning After Costly Holiday Season
United Parcel Service spent heavily to avoid a repeat over the holidays of the previous year’s debacle, when an unexpected crush of last-minute shipping and terrible weather led to millions of late deliveries. The strategy succeeded in making customers happy, but it cost the company. On Friday, UPS cut its outlook for the year and warned that fourth-quarter earnings would come in well below expectations. In addition to thousands of temporary hires for the holiday season, UPS spent millions to improve its capacity and its communications with customers. UPS said it expected 2014 earnings of $4.75 a share, down from its previous forecast of $4.90 to $5 a share.
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