NEW YORK, N.Y. - UPS says its fourth-quarter net income slid because of an accounting charge, but its adjusted results topped Wall Street's expectations.

Excluding the charge, profit rose 21 per cent. The world's largest package delivery company credited the increase to an improving U.S. package business that's making up for slower sales growth overseas. United Parcel Service Inc. also forecast Tuesday that its full-year results would mostly top analysts' forecasts.

In the fourth quarter, the Atlanta company earned $725 million, or 74 cents per share, compared with $1.3 billion, or $1.02 per share a year earlier. Excluding a charge tied to how UPS accounts for pensions and retirement plans, it earned $1.28 per share in the latest quarter.

Revenue rose 6 per cent to $14.17 billion.

Analysts expected an adjusted profit of $1.27 per share.

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