UPS shares drop after company issues disappointing profit outlook for 2015

Shares of UPS fell briefly after the delivery company forecast 2015 earnings below expectations.

United Parcel Service Inc. said Thursday that it would earn between $5.45 and $5.70 per share next year. Analysts were expecting $5.71 per share, according to FactSet.

The shares fell $2.44, or 2.2 per cent, after the forecast, which came during an annual investor meeting that was webcast. The shares recovered and were down just 23 cents to $107.72 late in the session.

UPS and rival FedEx Corp. are heading into the key holiday season. Atlanta-based UPS predicts December deliveries will rise 11 per cent from a year earlier. It plans to hire up to 95,000 seasonal workers to avoid a repeat of last year, when some packages didn’t get delivered by Christmas Eve as promised by retailers.