In its Investor conference on Thursday, United Parcel Service Inc (NYSE:UPS) reiterated its guidance range for adjusted diluted EPS of $4.15 to $4.40 for 2011. The logistics company also announced it’s looking to purchase company stock worth $2 billion. That’s much more than the $700 million as announced previously.
During the conference, UPS (NYSE:UPS) said although the economy is going through a rough patch and likely faces more headwinds in the near future, the company does not see a double-dip recession. The news was a boost to markets and rivals FedEx (NYSE:FDX) and Air Transport Services Group (NASDAQ:ATSG).
UPS (NYSE:UPS) also unveiled its plan for investments in new technology and expanded facilities. The move is expected to grow revenue and profit over the next 3 to 5 years, with diluted EPS growing between 10% to 15%. Moreover, UPS announced major expansion plans, to be completed by 2013, for its European air hub in Cologne, Germany. The project will increase capacity by 65% and likely cost $200 million, thereby making it UPS’s largest investment outside the United States in company history.