UPS said Thursday that first-quarter net income fell 56% to $401 million, or 40 cents a share from $906 million, or 87 cents a share in the year-ago period. Adjusted net income for the latest period totaled 52 cents a share. The Atlanta-based delivery giant said revenue dipped 13.7% to $10.9 billion. Analysts expected net income of 55 cents a share and revenue of $11.5 billion, according to a survey of analysts by FactSet. The company expects second-quarter earnings of 45 to 55 cent a share, compared to the latest estimate of 65 cents a share.