UPS falls short of forecasts on bad weather, costs

United Parcel Service’s first quarter financial results fell short of Wall Street forecasts as the package-delivery company’s revenue flat-lined

A series of harsh storms during the quarter cut into revenue while the company ramped up spending on a reorganization program.

Profit fell 17 percent to $1.11 billion, or $1.28 per share, during the quarter on nearly flat revenue of $17.16 billion. Adjusted profit of $1.39 per share was still short of Wall Street forecasts.

Analysts polled by FactSet expected $1.42 per share in profit on $17.77 billion in revenue.

Atlanta-based UPS reaffirmed its full-year profit outlook of $7.45 to $7.75 per share. Analysts expect $7.52 per share.

In premarket trading, UPS shares slid 2.8 percent.