8-K

================================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                             ----------------------


                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 10, 2002


                           United Parcel Service, Inc.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


       Delaware                    001-15451                    58-2480149
- ------------------------      ------------------------    --------------------
(State of incorporation)      (Commission File Number)       (IRS Employer
                                                           Identification No.)

               55 Glenlake Parkway, N.E.
                    Atlanta, Georgia                   30328
      ----------------------------------------     -------------
      (Address of principal executive offices)       (Zip Code)

       Registrant's telephone number, including area code: (404) 828-6000


                                 Not Applicable
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)


================================================================================

ITEM 5. OTHER EVENTS.

         On July 10, 2002, the registrant issued a press release which is
attached as Exhibit 99.1 and is incorporated herein by reference.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

         (c) Exhibits

      
         99.1     Press release issued on July 10, 2002.

         


                                       2


                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Date: July 11, 2002                                  UNITED PARCEL SERVICE, INC.



                                         By:         /s/ D. SCOTT DAVIS
                                             ----------------------------------
                                             Name: D. Scott Davis
                                             Title: Senior Vice President


                                       3


                                  EXHIBIT INDEX



EXHIBIT NO.       DOCUMENT
- -----------       --------
               
99.1              Press Release issued on July 10, 2002.



                                       4

EX-99.1

                                                                   EXHIBIT 99.1

UPS SEES VOLUME DIVERSION

AFFIRMS 2ND QUARTER GUIDANCE

ATLANTA (BUSINESS WIRE) July 10, 2002 United Parcel Service (NYSE: UPS
- - News) today reported progress at the bargaining table with the International
Brotherhood of Teamsters, but said it was seeing diversion of package volume to
competitors.

The company reaffirmed its previous earnings guidance for the second quarter of
$0.50 to $0.55 per diluted share. UPS will release its second quarter earnings
on July 23.

According to Chief Financial Officer Scott Davis, UPS's business began to show
the effects of the unresolved labor negotiations in June. U.S. domestic volume
levels in April and May were running approximately 2% below prior-year levels,
consistent with the economy's general weakness. In June, the volume decline was
4%. As a result, U.S. domestic volume for the second quarter declined 2.6%.

"We are grateful for the loyalty and confidence demonstrated by our customers,"
said Davis. "But we've said all along the risk of volume being diverted would
increase the closer we got to contract expiration, and diversion will
accelerate if there's no agreement soon. It's even more important the company
and the union conclude these negotiations in a timely manner."

The company said the Teamsters and UPS had made good progress over the past 48
hours of negotiations.

Except for historical information contained herein, the statements made in this
release constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements involve certain risks and uncertainties,
including statements regarding the intent, belief or current expectations of
UPS and its management regarding the company's strategic directions, prospects
and future results. Certain factors may cause actual results to differ
materially from those contained in the forward-looking statements, including
strikes, work stoppages and slowdowns (or customer behavior in anticipation of
such events), economic and other conditions in the markets in which we operate,
governmental regulations, our competitive environment, increases in aviation
and motor fuel prices, cyclical and seasonal fluctuations in our operating
results, and other risks discussed in the company's Form 10-K and other filings
with the Securities and Exchange Commission, which discussions are incorporated
herein by reference.