UPS warns about profit; cites delivery delays

All those delayed holiday packages last delivered bad news to UPS' bottom line, along with eager gift recipicents. The company warned Friday that its fourth-quarter profit won't be as big as it expected.

UPS said its U.S. results were hard hit by a shortened holiday season and an unprecedented level of online shopping.

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UPS shares were down about 1.6% to about $99 in mid-day trading.

The company said that it used 85,000 temporary employees, 30,000 more than planned and that December weather weighed on results. Snowstorms slowed deliveries in many areas.

On Dec. 23, UPS said it delivered more than 31 million packages, the most eve,r and 13% over the prior-year peak day. This year's highest delivery day occurred six days later than expected and was 7.5% greater than planned.

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Despite its fourth quarter performance, the company said it is confident of its 2014 outlook and that it expects its 2014 earnings per share to grow in line with its long term targets of 10-to-15%, compared to 2013 adjusted results.

UPS quarterly earnings will be released on Jan. 30.