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Thursday, July 22, 2010 - 9:06am

UPS Earnings Nearly Double

Package delivery giant UPS says its second-quarter earnings are nearly double that of a year ago. The results moved the company to adjust its future earnings forecast.

UPS says it posted earnings of $845 million in the three-month period ending in June. That’s a big jump from one year ago, with earnings of $445 million.

A top official with the Atlanta-based company says UPS “fired on all cylinders” in the second quarter. And results were boosted by substantial growth in its international business, despite mixed global economic conditions.

Based on this latest earnings report, UPS is revising its 2010 outlook to be up to 50 percent better than last year.

Earlier this year, UPS was in the midst of job cuts through a streamlining of U.S. operations. It had announced it was going to eliminate 1,800 management and administrative positions through voluntary buyouts.

The shipping company also announced it was to restore bonuses for management this year.

UPS is the world’s largest package delivery service.

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