UPS stumbles in 'extraordinary times'

SHOOT: Chief Financial Officer Kurt Kuehn says recovery may happen later this year or 2010. It may also rain today or tomorrow or not.

clipped from finance.yahoo.com Related Quotes Symbol Price Change UPS 52.37 -2.38 ATLANTA (AP) -- UPS Inc., the world's largest shipping carrier, said Thursday first-quarter profit plunged as fewer people sent packages and used premium services like next-day air amid the global financial crisis. It also gave a disappointing second-quarter outlook, and it disclosed it shed 10,000 U.S. jobs during the first three months of the year. The results missed Wall Street expectations, and UPS provided an outlook for second-quarter earnings that was below analysts expectations. UPS shares fell. "Clearly, these are extraordinary times," Chief Financial Officer Kurt Kuehn told analysts in a conference call. Kuehn said economic indicators suggest recovery in the U.S. might begin late this year, but more likely not until 2010. He disclosed that UPS cut 10,000 domestic jobs in the first quarter through attrition and part-time employees leaving and not being replaced.