UPS Raises Guidance

Today, UPS (NYSE: UPS) raised its fourth quarter earnings guidance. It increased the earnings estimates to the 73-75 cents range.

Its earlier estimates were in the range of 58-65 cents per share. Street consensus was at 64 cents of profits per share. The company management has stated that upward revision is due to the successful cost cutting measures and better than expected results on domestic and international operations. UPS CFO, Kurt Kuehn said that the company is seeing a gradual economic recovery in the Year 2010. At the very same time, the company announced slashing of 1800 jobs across the country.