#UPS revenue jumps 10 percent, but stock flips into reverse

UPS had another strong quarter with shipments to homes continuing at a brisk pace, though revenue at home, its biggest market, was a little weaker than some had expected.

Shares were trading down nearly 9 percent, $191.53, in late morning on Tuesday.

Domestic revenue still grew 10.2 percent, to $14.40 billion, in the second quarter, with per-piece revenue rising 13.4 percent. However, Wall Street had projected domestic revenue of $14.76 billion. Revenue from international operations spiked 30 percent to $4.82 billion, which was better than the $4.57 billion analysts had expected.

For the three months ended June 30, United Parcel Service earned $2.68 billion, or $3.05 per share. Stripping out one-time costs, earnings were $3.06 per share, easily beating the $2.75 that Wall Street was looking for.

A year earlier the Atlanta company earned $1.77 billion, or $2.03 per share.

Overall revenue was $23.42 billion, also better than expected.