UPS stock declines following revenue forecast reduction.

• UPS reported third quarter earnings.
• The company cut its revenue forecast for the year.
• UPS shares fell after the earnings report.

On Thursday, the stock price of United Parcel Service dropped by 6% following the release of the company's unexpectedly low revenue figures and reduced revenue forecast for the year.

The stock hit a new 52-week low.

Here’s how the company performed compared to Wall Street estimates:

• LSEG, formerly known as Refinitiv, expects adjusted earnings of $1.57 per share, compared to $1.52 per share expected.
• Revenue: $21.06 billion vs. $21.46 billion expected

In the three months leading up to September 30th, UPS reported earnings of $1.13 billion, or $1.31 per share, which is a significant decrease from the $2.58 billion, or $2.96 per share, earned in the same period a year ago. However, when adjusted for one-time earnings, the per share earnings were $1.57.

Revenue declined to $21.06 billion from $24.16 billion.

UPS has revised its revenue outlook for the year, expecting consolidated revenue to be between $91.3 billion and $92.3 billion, a decrease from its previous projection of $93 billion.

The delivery giant attributed global economic uncertainty as the primary reason for lowering its outlook, but did not mention any financial effects from negotiations with Teamsters in August to prevent a labor strike.

Despite unfavorable macro-economic conditions that negatively impacted global demand in the quarter, our U.S. labor contract was fully ratified in early September and volume that diverted during our labor negotiations is starting to return to our network. Looking ahead, we are well-prepared for the peak holiday season, as stated by CEO Carol Tomé.