UPS reported a 2007 net profit of $447 million, down 89.4% from $4.2 billion in 2006 owing mainly to a $6.1 billion pension payment related to a new labor contract agreed to in the fourth quarter with the International Brotherhood of Teamsters representing 45,000 of its employees. But Chairman and CEO Scott Davis did note that the "economic environment" is "increasingly challenging" and warned of a "sluggish US economy." Full-year revenue rose 4.5% to $49.69 billion driven by a 13.1% lift in ...

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