UPS (NYSE:UPS) today announced third quarter 2015 diluted earnings
per share of $1.39, a 5.3% increase over the same period last
year. International operating profits were up more than 10%
to $507 million, driving company-wide results higher.
Currency exchange rates and lower fuel surcharges reduced total
revenue slightly to $14.2 billion. On a currency-neutral
basis revenue grew 1.8%. Revenue management initiatives
across the business resulted in base rate improvements.
The company completed the acquisition of Coyote Logistics during
the quarter. The addition of this asset-light, truckload
brokerage firm provides expanded capabilities for UPS. Coyote
is expected to create more than $100 million of synergies.
“Third quarter results reflect strong progress on our long-term
initiatives despite uneven economic conditions,” said David Abney,
UPS chief executive officer. “We remain committed to these
strategies to support customers and improved shareowner value.”
Total company shipments increased 1.9% over the third quarter
last year to 1.1 billion packages, led by U.S. air products and
European transborder shipments.
Cash Flow
For the nine months ended Sept. 30, UPS generated $4.6 billion
in free cash flow. The company paid dividends of $1.9
billion, an increase of 9.0% per share over the prior year.
UPS also repurchased 20 million shares for approximately $2.0
billion.
U.S. Domestic Package
U.S. Domestic revenue of $8.9 billion was up 1.9% over the same
quarter last year. Lower fuel surcharge rates dampened
revenue growth and lowered revenue per package by about 250 basis
points. Strong base rate improvements were also offset by
changes in product and customer mix.
Daily shipments were up 0.6%, due primarily to faster growing
premium air products. Deferred Air products jumped 13% and
UPS Next Day Air was 4.0% higher as more ecommerce shippers chose
to upgrade to air services. Ground products dropped slightly
as slowing industrial production contributed to the first
year-over-year decrease in business-to-business (B2B) shipments
this year. Meanwhile, the pace of growth for all
business-to-consumer (B2C) products increased this quarter.
Operating profit declined 1.6% to $1.3 billion with an operating
margin of 14.2%. The year-over-year change in fuel surcharge
revenue fell faster than fuel related expense, creating a drag on
operating results.
International
Package
International operating profit increased 10% to $507
million. Operating margin expanded to 17.1%. Operating
results continue to benefit from revenue quality enhancements,
network improvements and Export volume growth.
Adjusting for the negative impact of currency, total
International revenue increased 0.4%. In addition, lower fuel
surcharge revenue resulted in an approximately 350 basis point
reduction in package yield. Underlying base rates increased
across all regions of the world.
Daily Export shipments were up 1.2% over the prior year.
Growth in Europe transborder and U.S. inbound shipments outweighed
a drop in Asia and U.S. exports.
Supply Chain &
Freight
Supply Chain & Freight revenue increased slightly to $2.4
billion. Lower Forwarding revenue and a drop in
less-than-truckload (LTL) tonnage was offset by the addition of
revenue from Coyote Logistics. Despite approximately $20
million in Coyote transaction fees, total segment operating profit
increased to $219 million. Operating margin expanded over the
prior year period to 9.1%.
UPS closed on its Coyote Logistics acquisition midway through
the quarter. In October, UPS’s Freight Brokerage team
transitioned to Coyote’s world-class order management platform,
further strengthening our product offering.
The Freight Forwarding business continues to benefit from
revenue quality initiatives started earlier in the year.
While tonnage and revenue were down, improvements to the network
and pricing drove significant operating profit expansion.
The Distribution business continues to build out its
infrastructure to serve the healthcare and aerospace
industries. Revenue increased slightly as growth was dampened
by the effects of currency translations.
UPS Freight revenue dropped 8.6% due to lower fuel surcharges
and reduced LTL tonnage during the quarter. Changes in fuel
surcharges contributed to about 600 basis point reduction in the
revenue growth rate. Soft market demand combined with
selective pricing initiatives also contributed to the
decline.
Outlook
“We are generating positive momentum as a result of the strong
execution of our business units,” said Richard Peretz, UPS chief
financial officer. “This gives us confidence we will achieve
the higher-end of our full-year earnings per share guidance.”
The company’s guidance for 2015 full-year diluted earnings per
share is $5.05 to $5.30, an increase of 6% to 12% over adjusted
2014 results.
EDITOR’S NOTE:
UPS CEO David Abney and CFO Richard Peretz will discuss third
quarter results with investors and analysts during a conference
call at 8:30 a.m. ET, October 27, 2015. That call is open to
listeners through a live Webcast. To access the call, go to
www.investors.ups.com and click on “Earnings Webcast.”
UPS routinely posts investor announcements on its web site
--www.investors.ups.com -- and encourages those interested in the
company to check there frequently.
UPS (NYSE:UPS) is a global leader in logistics, offering a broad
range of solutions including the transportation of packages and
freight; the facilitation of international trade, and the
deployment of advanced technology to more efficiently manage the
world of business. Headquartered in Atlanta, UPS serves more than
220 countries and territories worldwide. The company can be found
on the Web at ups.com® and its corporate blog can be found at
Longitudes.ups.com. To get UPS news direct, visit
pressroom.ups.com/RSS.
We supplement the reporting of our financial information
determined under generally accepted accounting principles ("GAAP")
with certain non-GAAP financial measures, including, as applicable,
"as adjusted" operating profit, operating margin, pre-tax income,
net income and earnings per share. The equivalent measures
determined in accordance with GAAP are also referred to as
"reported" or "unadjusted.” Additionally, we disclose revenue
growth adjusted for the impact of foreign currency. We believe that
these adjusted measures provide meaningful information to assist
investors and analysts in understanding our financial results and
assessing our prospects for future performance. We believe these
adjusted financial measures are important indicators of our
recurring operations because they exclude items that may not be
indicative of, or are unrelated to, our core operating results, and
provide a better baseline for analyzing trends in our underlying
businesses. Furthermore, we use these adjusted financial measures
to determine awards for our management personnel under our
incentive compensation plans.
We supplemented the presentation of our year-to-date 2014
operating profit, operating margin, pre-tax income, net income and
earnings per share with similar measures that excluded the impact
of certain transactions. In the second quarter of 2014, we recorded
a $1.066 billion pre-tax charge ($665 million after-tax) related to
the transfer of postretirement benefit obligations to multiemployer
healthcare plans for certain employees employed under the Teamsters
National Master Agreement. The charge is allocated between the U.S.
Domestic Package segment ($957 million), the International Package
segment ($27 million) and the Supply Chain & Freight segment
($82 million). We believe these adjusted measures provide
additional information that better enables shareowners to focus on
period-over-period operating performance.
Because non-GAAP financial measures are not standardized, it may
not be possible to compare these financial measures with other
companies' non-GAAP financial measures having the same or similar
names. These adjusted financial measures should not be considered
in isolation or as a substitute for GAAP operating profit,
operating margin, income before taxes, net income and earnings per
share, which are the most directly comparable GAAP financial
measures. These non-GAAP financial measures reflect an additional
way of viewing aspects of our operations that, when viewed with our
GAAP results and the preceding reconciliations to corresponding
GAAP financial measures, provide a more complete understanding of
our business. We strongly encourage investors to review our
financial statements and publicly-filed reports in their entirety
and not to rely on any single financial measure.
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, including statements regarding the
intent, belief or current expectations of UPS and its management
regarding the company's strategic directions, prospects and future
results, involve certain risks and uncertainties. Certain factors
may cause actual results to differ materially from those
contained in the forward-looking statements, including economic and
other conditions in the markets in which we operate, governmental
regulations, our competitive environment, negotiation and
ratification of labor contracts, strikes, work stoppages and
slowdowns, changes 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.
United Parcel Service, Inc. |
|
Selected Financial Data - Third
Quarter |
|
(unaudited) |
|
|
|
|
Three Months Ended |
|
|
|
|
September 30 |
Change |
|
|
|
2015 |
|
|
|
2014 |
|
|
$ |
|
% |
|
(amounts in millions,
except per share data) |
|
|
|
|
|
|
|
|
Statement of
Income Data: |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
U.S. Domestic Package |
$ |
8,860 |
|
|
$ |
8,691 |
|
|
$ |
169 |
|
|
|
1.9 |
% |
|
International Package |
|
2,959 |
|
|
|
3,183 |
|
|
|
(224 |
) |
|
|
-7.0 |
% |
|
Supply Chain & Freight |
|
2,418 |
|
|
|
2,416 |
|
|
|
2 |
|
|
|
0.1 |
% |
|
Total revenue |
|
14,237 |
|
|
|
14,290 |
|
|
|
(53 |
) |
|
|
-0.4 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Compensation and benefits |
|
7,458 |
|
|
|
7,217 |
|
|
|
241 |
|
|
|
3.3 |
% |
|
Other |
|
4,795 |
|
|
|
5,119 |
|
|
|
(324 |
) |
|
|
-6.3 |
% |
|
Total operating expenses |
|
12,253 |
|
|
|
12,336 |
|
|
|
(83 |
) |
|
|
-0.7 |
% |
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
U.S. Domestic Package |
|
1,258 |
|
|
|
1,279 |
|
|
|
(21 |
) |
|
|
-1.6 |
% |
|
International Package |
|
507 |
|
|
|
460 |
|
|
|
47 |
|
|
|
10.2 |
% |
|
Supply Chain & Freight |
|
219 |
|
|
|
215 |
|
|
|
4 |
|
|
|
1.9 |
% |
|
Total operating profit |
|
1,984 |
|
|
|
1,954 |
|
|
|
30 |
|
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Investment income |
|
4 |
|
|
|
2 |
|
|
|
2 |
|
|
|
100.0 |
% |
|
Interest expense |
|
(83 |
) |
|
|
(87 |
) |
|
|
4 |
|
|
|
-4.6 |
% |
|
Total other income (expense) |
|
(79 |
) |
|
|
(85 |
) |
|
|
6 |
|
|
|
-7.1 |
% |
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
1,905 |
|
|
|
1,869 |
|
|
|
36 |
|
|
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
648 |
|
|
|
655 |
|
|
|
(7 |
) |
|
|
-1.1 |
% |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
1,257 |
|
|
$ |
1,214 |
|
|
$ |
43 |
|
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
Net income as a
percentage of revenue |
|
8.8 |
% |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
1.40 |
|
|
$ |
1.33 |
|
|
$ |
0.07 |
|
|
|
5.3 |
% |
|
Diluted earnings per share |
$ |
1.39 |
|
|
$ |
1.32 |
|
|
$ |
0.07 |
|
|
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
895 |
|
|
|
913 |
|
|
|
(18 |
) |
|
|
-2.0 |
% |
|
Diluted |
|
903 |
|
|
|
922 |
|
|
|
(19 |
) |
|
|
-2.1 |
% |
|
|
|
Certain prior year amounts have been
reclassified to conform to the current year presentation. |
|
United Parcel Service, Inc. |
Selected Operating Data - Third
Quarter |
(unaudited) |
|
|
Three Months Ended |
|
|
|
|
|
September 30 |
|
Change |
|
|
2015 |
|
|
|
2014 |
|
|
$ / # |
|
% |
|
|
|
|
|
|
|
|
Revenue (in
millions): |
|
|
|
|
|
|
|
U.S. Domestic
Package: |
|
|
|
|
|
|
|
Next Day Air |
$ |
1,662 |
|
|
$ |
1,636 |
|
|
$ |
26 |
|
|
|
1.6 |
% |
Deferred |
|
883 |
|
|
|
827 |
|
|
|
56 |
|
|
|
6.8 |
% |
Ground |
|
6,315 |
|
|
|
6,228 |
|
|
|
87 |
|
|
|
1.4 |
% |
Total U.S. Domestic Package |
|
8,860 |
|
|
|
8,691 |
|
|
|
169 |
|
|
|
1.9 |
% |
International
Package: |
|
|
|
|
|
|
|
Domestic |
|
594 |
|
|
|
689 |
|
|
|
(95 |
) |
|
|
-13.8 |
% |
Export |
|
2,215 |
|
|
|
2,339 |
|
|
|
(124 |
) |
|
|
-5.3 |
% |
Cargo and Other |
|
150 |
|
|
|
155 |
|
|
|
(5 |
) |
|
|
-3.2 |
% |
Total International Package |
|
2,959 |
|
|
|
3,183 |
|
|
|
(224 |
) |
|
|
-7.0 |
% |
Supply Chain &
Freight: |
|
|
|
|
|
|
|
Forwarding and Logistics |
|
1,500 |
|
|
|
1,459 |
|
|
|
41 |
|
|
|
2.8 |
% |
Freight |
|
740 |
|
|
|
810 |
|
|
|
(70 |
) |
|
|
-8.6 |
% |
Other |
|
178 |
|
|
|
147 |
|
|
|
31 |
|
|
|
21.1 |
% |
Total Supply Chain &
Freight |
|
2,418 |
|
|
|
2,416 |
|
|
|
2 |
|
|
|
0.1 |
% |
Consolidated |
$ |
14,237 |
|
|
$ |
14,290 |
|
|
$ |
(53 |
) |
|
|
-0.4 |
% |
|
|
|
|
|
|
|
|
Consolidated volume (in
millions) |
|
1,114 |
|
|
|
1,093 |
|
|
|
21 |
|
|
|
1.9 |
% |
|
|
|
|
|
|
|
|
Operating weekdays |
|
65 |
|
|
|
64 |
|
|
|
1 |
|
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
Average Daily Package Volume (in thousands): |
|
|
|
|
|
|
U.S. Domestic
Package: |
|
|
|
|
|
|
|
Next Day Air |
|
1,285 |
|
|
|
1,235 |
|
|
|
50 |
|
|
|
4.0 |
% |
Deferred |
|
1,141 |
|
|
|
1,008 |
|
|
|
133 |
|
|
|
13.2 |
% |
Ground |
|
12,114 |
|
|
|
12,209 |
|
|
|
(95 |
) |
|
|
-0.8 |
% |
Total U.S. Domestic Package |
|
14,540 |
|
|
|
14,452 |
|
|
|
88 |
|
|
|
0.6 |
% |
International
Package: |
|
|
|
|
|
|
|
Domestic |
|
1,495 |
|
|
|
1,547 |
|
|
|
(52 |
) |
|
|
-3.4 |
% |
Export |
|
1,098 |
|
|
|
1,085 |
|
|
|
13 |
|
|
|
1.2 |
% |
Total International Package |
|
2,593 |
|
|
|
2,632 |
|
|
|
(39 |
) |
|
|
-1.5 |
% |
Consolidated |
|
17,133 |
|
|
|
17,084 |
|
|
|
49 |
|
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
Average Revenue
Per Piece: |
|
|
|
|
|
|
|
U.S. Domestic
Package: |
|
|
|
|
|
|
|
Next Day Air |
$ |
19.90 |
|
|
$ |
20.70 |
|
|
$ |
(0.80 |
) |
|
|
-3.9 |
% |
Deferred |
|
11.91 |
|
|
|
12.82 |
|
|
|
(0.91 |
) |
|
|
-7.1 |
% |
Ground |
|
8.02 |
|
|
|
7.97 |
|
|
|
0.05 |
|
|
|
0.6 |
% |
Total U.S. Domestic Package |
|
9.37 |
|
|
|
9.40 |
|
|
|
(0.03 |
) |
|
|
-0.3 |
% |
International
Package: |
|
|
|
|
|
|
|
Domestic |
|
6.11 |
|
|
|
6.96 |
|
|
|
(0.85 |
) |
|
|
-12.2 |
% |
Export |
|
31.04 |
|
|
|
33.68 |
|
|
|
(2.64 |
) |
|
|
-7.8 |
% |
Total International Package |
|
16.67 |
|
|
|
17.98 |
|
|
|
(1.31 |
) |
|
|
-7.3 |
% |
Consolidated |
$ |
10.48 |
|
|
$ |
10.72 |
|
|
$ |
(0.24 |
) |
|
|
-2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain prior year amounts have been
reclassified to conform to the current year presentation. |
United Parcel Service, Inc. |
Selected Financial Data - Year to
Date |
(unaudited) |
|
|
Nine Months Ended |
|
|
|
September 30 |
|
Change |
|
|
2015 |
|
|
|
2014 |
|
|
$ |
|
% |
(amounts in millions,
except per share data) |
|
|
|
|
|
|
|
Statement of
Income Data: |
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
U.S. Domestic Package |
$ |
26,482 |
|
|
$ |
25,847 |
|
|
$ |
635 |
|
|
|
2.5 |
% |
International Package |
|
8,974 |
|
|
|
9,562 |
|
|
|
(588 |
) |
|
|
-6.1 |
% |
Supply Chain & Freight |
|
6,853 |
|
|
|
6,928 |
|
|
|
(75 |
) |
|
|
-1.1 |
% |
Total revenue |
|
42,309 |
|
|
|
42,337 |
|
|
|
(28 |
) |
|
|
-0.1 |
% |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Compensation and benefits |
|
22,524 |
|
|
|
22,857 |
|
|
|
(333 |
) |
|
|
-1.5 |
% |
Other |
|
14,168 |
|
|
|
15,266 |
|
|
|
(1,098 |
) |
|
|
-7.2 |
% |
Total operating expenses |
|
36,692 |
|
|
|
38,123 |
|
|
|
(1,431 |
) |
|
|
-3.8 |
% |
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
U.S. Domestic Package |
|
3,483 |
|
|
|
2,415 |
|
|
|
1,068 |
|
|
|
44.2 |
% |
International Package |
|
1,557 |
|
|
|
1,342 |
|
|
|
215 |
|
|
|
16.0 |
% |
Supply Chain & Freight |
|
577 |
|
|
|
457 |
|
|
|
120 |
|
|
|
26.3 |
% |
Total operating profit |
|
5,617 |
|
|
|
4,214 |
|
|
|
1,403 |
|
|
|
33.3 |
% |
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
Investment income |
|
12 |
|
|
|
27 |
|
|
|
(15 |
) |
|
|
-55.6 |
% |
Interest expense |
|
(256 |
) |
|
|
(266 |
) |
|
|
10 |
|
|
|
-3.8 |
% |
Total other income (expense) |
|
(244 |
) |
|
|
(239 |
) |
|
|
(5 |
) |
|
|
2.1 |
% |
|
|
|
|
|
|
|
|
Income before income
taxes |
|
5,373 |
|
|
|
3,975 |
|
|
|
1,398 |
|
|
|
35.2 |
% |
|
|
|
|
|
|
|
|
Income tax expense |
|
1,860 |
|
|
|
1,396 |
|
|
|
464 |
|
|
|
33.2 |
% |
|
|
|
|
|
|
|
|
Net income |
$ |
3,513 |
|
|
$ |
2,579 |
|
|
$ |
934 |
|
|
|
36.2 |
% |
|
|
|
|
|
|
|
|
Net income as a
percentage of revenue |
|
8.3 |
% |
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Per share amounts: |
|
|
|
|
|
|
|
Basic earnings per share |
$ |
3.90 |
|
|
$ |
2.81 |
|
|
$ |
1.09 |
|
|
|
38.8 |
% |
Diluted earnings per share |
$ |
3.87 |
|
|
$ |
2.78 |
|
|
$ |
1.09 |
|
|
|
39.2 |
% |
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
901 |
|
|
|
918 |
|
|
|
(17 |
) |
|
|
-1.9 |
% |
Diluted |
|
908 |
|
|
|
927 |
|
|
|
(19 |
) |
|
|
-2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As adjusted
income data: |
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
U.S. Domestic Package (1) |
$ |
3,483 |
|
|
$ |
3,372 |
|
|
$ |
111 |
|
|
|
3.3 |
% |
International Package (1) |
|
1,557 |
|
|
|
1,369 |
|
|
|
188 |
|
|
|
13.7 |
% |
Supply Chain & Freight |
|
577 |
|
|
|
539 |
|
|
|
38 |
|
|
|
7.1 |
% |
Total operating profit (1) |
|
5,617 |
|
|
|
5,280 |
|
|
|
337 |
|
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
Income before income
taxes (1) |
$ |
5,373 |
|
|
$ |
5,041 |
|
|
$ |
332 |
|
|
|
6.6 |
% |
Net income (2) |
$ |
3,513 |
|
|
$ |
3,244 |
|
|
$ |
269 |
|
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
Basic earnings per
share (2) |
$ |
3.90 |
|
|
$ |
3.53 |
|
|
$ |
0.37 |
|
|
|
10.5 |
% |
Diluted earnings per
share (2) |
$ |
3.87 |
|
|
$ |
3.50 |
|
|
$ |
0.37 |
|
|
|
10.6 |
% |
(1)
Second quarter 2014 operating profit and consolidated income before
income taxes excludes $1.066 billion pre-tax charge
associated with transferring postretirement health and welfare
benefit obligations to multiemployer healthcare plans for certain
employees under the Teamsters National Master Agreement. The
charge is allocated between the U.S. Domestic Package segment ($957
million), the International Package segment ($27 million) and the
Supply Chain & Freight segment ($82 million). |
|
(2)
Second quarter 2014 net income and earnings per share amounts
exclude the $665 million after-tax charge of transferring
postretirement benefit obligations described in (1).
|
|
Certain
prior year amounts have been reclassified to conform to the current
year presentation. |
United Parcel Service, Inc. |
Selected Operating Data - Year to
Date |
(unaudited) |
|
|
Nine Months Ended |
|
|
|
|
|
September 30 |
|
Change |
|
|
2015 |
|
|
|
2014 |
|
|
$ / # |
|
% |
|
|
|
|
|
|
|
|
Revenue (in
millions): |
|
|
|
|
|
|
|
U.S. Domestic
Package: |
|
|
|
|
|
|
|
Next Day Air |
$ |
4,810 |
|
|
$ |
4,862 |
|
|
$ |
(52 |
) |
|
|
-1.1 |
% |
Deferred |
|
2,657 |
|
|
|
2,507 |
|
|
|
150 |
|
|
|
6.0 |
% |
Ground |
|
19,015 |
|
|
|
18,478 |
|
|
|
537 |
|
|
|
2.9 |
% |
Total U.S. Domestic Package |
|
26,482 |
|
|
|
25,847 |
|
|
|
635 |
|
|
|
2.5 |
% |
International
Package: |
|
|
|
|
|
|
|
Domestic |
|
1,799 |
|
|
|
2,069 |
|
|
|
(270 |
) |
|
|
-13.0 |
% |
Export |
|
6,698 |
|
|
|
7,046 |
|
|
|
(348 |
) |
|
|
-4.9 |
% |
Cargo and Other |
|
477 |
|
|
|
447 |
|
|
|
30 |
|
|
|
6.7 |
% |
Total International Package |
|
8,974 |
|
|
|
9,562 |
|
|
|
(588 |
) |
|
|
-6.1 |
% |
Supply Chain &
Freight: |
|
|
|
|
|
|
|
Forwarding and Logistics |
|
4,149 |
|
|
|
4,224 |
|
|
|
(75 |
) |
|
|
-1.8 |
% |
Freight |
|
2,202 |
|
|
|
2,275 |
|
|
|
(73 |
) |
|
|
-3.2 |
% |
Other |
|
502 |
|
|
|
429 |
|
|
|
73 |
|
|
|
17.0 |
% |
Total Supply Chain &
Freight |
|
6,853 |
|
|
|
6,928 |
|
|
|
(75 |
) |
|
|
-1.1 |
% |
Consolidated |
$ |
42,309 |
|
|
$ |
42,337 |
|
|
$ |
(28 |
) |
|
|
-0.1 |
% |
|
|
|
|
|
|
|
|
Consolidated volume (in
millions) |
|
3,316 |
|
|
|
3,244 |
|
|
|
72 |
|
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
Operating weekdays |
|
192 |
|
|
|
191 |
|
|
|
1 |
|
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
Average Daily Package Volume (in thousands): |
|
|
|
|
|
|
U.S. Domestic
Package: |
|
|
|
|
|
|
|
Next Day Air |
|
1,252 |
|
|
|
1,241 |
|
|
|
11 |
|
|
|
0.9 |
% |
Deferred |
|
1,163 |
|
|
|
1,027 |
|
|
|
136 |
|
|
|
13.2 |
% |
Ground |
|
12,208 |
|
|
|
12,124 |
|
|
|
84 |
|
|
|
0.7 |
% |
Total U.S. Domestic Package |
|
14,623 |
|
|
|
14,392 |
|
|
|
231 |
|
|
|
1.6 |
% |
International
Package: |
|
|
|
|
|
|
|
Domestic |
|
1,534 |
|
|
|
1,524 |
|
|
|
10 |
|
|
|
0.7 |
% |
Export |
|
1,112 |
|
|
|
1,066 |
|
|
|
46 |
|
|
|
4.3 |
% |
Total International Package |
|
2,646 |
|
|
|
2,590 |
|
|
|
56 |
|
|
|
2.2 |
% |
Consolidated |
|
17,269 |
|
|
|
16,982 |
|
|
|
287 |
|
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
Average Revenue
Per Piece: |
|
|
|
|
|
|
|
U.S. Domestic
Package: |
|
|
|
|
|
|
|
Next Day Air |
$ |
20.01 |
|
|
$ |
20.51 |
|
|
$ |
(0.50 |
) |
|
|
-2.4 |
% |
Deferred |
|
11.90 |
|
|
|
12.78 |
|
|
|
(0.88 |
) |
|
|
-6.9 |
% |
Ground |
|
8.11 |
|
|
|
7.98 |
|
|
|
0.13 |
|
|
|
1.6 |
% |
Total U.S. Domestic Package |
|
9.43 |
|
|
|
9.40 |
|
|
|
0.03 |
|
|
|
0.3 |
% |
International
Package: |
|
|
|
|
|
|
|
Domestic |
|
6.11 |
|
|
|
7.11 |
|
|
|
(1.00 |
) |
|
|
-14.1 |
% |
Export |
|
31.37 |
|
|
|
34.61 |
|
|
|
(3.24 |
) |
|
|
-9.4 |
% |
Total International Package |
|
16.73 |
|
|
|
18.43 |
|
|
|
(1.70 |
) |
|
|
-9.2 |
% |
Consolidated |
$ |
10.55 |
|
|
$ |
10.78 |
|
|
$ |
(0.23 |
) |
|
|
-2.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain prior year amounts have been
reclassified to conform to the current year presentation. |
United Parcel Service, Inc. |
Reconciliation of Free Cash Flow |
(unaudited) |
|
|
|
Preliminary |
|
|
Year-to-Date |
(amounts in
millions) |
|
September 30 |
Net cash from
operations |
|
$ |
6,411 |
|
Capital
expenditures |
|
|
(1,654 |
) |
Proceeds from disposals
of PP&E |
|
|
14 |
|
Net change in finance
receivables |
|
|
(11 |
) |
Other investing
activities |
|
|
(125 |
) |
Free cash flow |
|
$ |
4,635 |
|
|
|
|
Amounts are subject to reclassification. |
Contacts:
Steve Gaut, Public Relations
404-828-8787
Joe Wilkins, Investor Relations
404-828-8209
United Parcel Service (NYSE:UPS)
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