The recession continued to take a toll on package shipping giant United Parcel Service Inc.
Atlanta-based UPS on Thursday said its net income for the second quarter fell 49 percent to $445 million, as revenue dropped 16.7 percent to $10.8 billion. Its net income in the second quarter of 2008 was $873 million and its revenue was $13 billion.
Earnings per share were down 48.2 percent to 44 cents.
U.S. Domestic package revenue declined 12 percent to $6.8 billion, while international package revenue decreased 23.8 percent to $2.2 billion and supply chain and freight revenue fell 23.3 percent to $1.8 billion.
Average daily volume in the U.S. Domestic Package segment declined 4.6 percent in the quarter and international export volume decreased 7.3 percent.
“The global economic environment pressured our performance, but UPS remains financially very strong,” said Scott Davis, UPS chairman and CEO, in an earnings statement. “We continue to invest in growth opportunities, even as UPSers improve productivity and help our customers manage through these challenging times. We are a company that can weather this recession, positioning ourselves well to benefit when economic recovery occurs.”