UPS delivers in-line quarterly earnings

This morning, package-delivery firm United Parcel Service (UPS) released its second-quarter earnings report. The company's adjusted diluted earnings per share came in at 49 cents per share, compared to 85 cents per share a year ago, matching the consensus estimate. Revenue came in at $10.8 billion, which is also lower than a year ago when the company brought in $13 billion.

Looking ahead, UPS reiterated its forecast for third-quarter earnings between 45 and 55 cents per share. This range is slightly short of the Street's expected earnings of 59 cents per share. The company's CEO Scott Davis noted that the overall economic environment pressured the company's performance; nevertheless, UPS "remains financially very strong." Davis added that the company will "continue to invest in growth opportunities," and that UPS is a "company that can weather this recession."