Package volume was up 2.9 percent in the third quarter but profit down at UPS, depressed in part by a one-time charge related to a pension plan change.
Net profit dropped $603 million to $469 million for UPS in the quarter, while total revenue dropped less than 1 percent to $13.1 billion, the company said.
The package giant’s operating profit dropped to $770 million, but would have been down only 0.2 percent to $1.7 billion excluding the $559 million after-tax charge.
Despite economic turbulence, UPS sees business improving. The carrier delivered 15.5 million packages per day during the quarter, with U.S. volume up 3.7 percent.
The company said Tuesday it expects its full-year earnings to be 5 to 7 percent higher than in 2011, despite “uncertainty” about the holiday season.