Pension charge swings UPS to loss

United Parcel Service Inc. reported a loss in the fourth quarter after taking a $6.1 billion pension charge.

The Atlanta-based package shipper reported a loss of $2.58 billion, or $2.46 a share, on $13.4 billion in revenue. That compares with net income of $1.13 billion, or $1.04 a share, on $12.6 billion in revenue in the fourth quarter of 2006.

During the quarter, UPS announced the ratification of a new five-year agreement with the International Brotherhood of Teamsters. As a result, UPS paid $6.1 billion to move 45,000 of its employees from one pension plan to another.

For full-year 2007, UPS had net income of $447 million, or 42 cents a share, on $49.7 billion in revenue, compared with net income of $4.2 billion, or $3.86 a share, on $47.5 billion in revenue in 2006.