UPS (NYSE:UPS) today announced third-quarter 2019 adjusted earnings
per share of $2.07, a 13.7% increase over the same period last
year. The company delivered strong operating profit growth of
more than 20%, led by the U.S. Domestic and International segments.
U.S. Domestic performed exceptionally well year-over-year, with
volume gains across all products.
“Our results reflect significant progress from our
transformation initiatives, and our ability to generate growth and
deliver increased efficiencies in a dynamic economic environment,”
said David Abney, UPS chairman and CEO. “As we recently announced,
we continue to forge new partnerships and create innovative
solutions to accelerate growth in the most attractive
opportunities.”
Transformation strategy costs are excluded from adjusted
results. Adjusted third-quarter 2019 results exclude a
pre-tax transformation charge of $63 million, or $0.06 per diluted
share after tax. Adjusted third-quarter 2018 results excluded
a pre-tax transformation charge of $97 million, or $0.09 per share
after tax.
Consolidated Results |
3Q 2019 |
Adjusted3Q 2019 |
3Q 2018 |
Adjusted3Q 2018 |
Revenue |
$18,318 M |
|
$17,444 M |
|
Net Income |
$1,750 M |
$1,797 M |
$1,508 M |
$1,581 M |
Diluted Earnings Per Share |
$2.01 |
$2.07 |
$1.73 |
$1.82 |
|
|
|
* “Adjusted” and amounts presented in this
release are non-GAAP financial measures. See the appendix to this
release for a discussion of non-GAAP financial metrics, including a
reconciliation to the most closely correlated GAAP measure.
For the total company in 3Q 2019:
- Consolidated revenue increased 5% to $18.3 billion, driven by
strong average daily volume growth in the U.S.
- Total operating profit growth was very strong at more than 23%,
and 20.1% on an adjusted basis, led by the U.S. Domestic and
International segments.
- Total operating margin expanded 170 basis points**; adjusted
operating margin expanded 150 basis points.
- Adjusted capital expenditures for the year are approximately
$4.5 billion to support network enhancements.
- Year-to-date cash from operations was $5.7 billion and adjusted
free cash flow grew to $3.2 billion.
- Dividends per share increased 5.5%, and the company repurchased
7 million shares for approximately $753 million year-to-date.
U.S. Domestic Segment
In the U.S. Domestic segment, total volume across all products
grew more than 9%. Next Day Air increased nearly 24%;
Deferred Air grew more than 17%; and Ground volume rose nearly 7%.
Growth came from both B2C and B2B shippers, led by the
retail, healthcare and high-tech sectors.
“The investments we are making in new facilities and automation
in our network, coupled with solid execution of our strategies, are
producing strong results, including strong, positive operating
leverage,” said Abney. “We see significant near-term benefits
to both top- and bottom-line results in the U.S. and continued
momentum into the future.”
|
3Q 2019 |
Adjusted3Q 2019 |
3Q 2018 |
Adjusted3Q 2018 |
Revenue |
$11,455 M |
|
$10,437 M |
|
Operating profit |
$1,216 M |
$1,242 M |
$949 M |
$988 M |
|
|
|
- Revenue grew more than $1 billion, a nearly 10% increase.
- Operating profit increased 28.1%, and nearly 26% on an adjusted
basis.
- Operating margin was 10.6%; adjusted operating margin expanded
130 basis points.
- Unit costs were lower by 2.7%; on an adjusted basis, down 2.5%,
contributing to positive operating leverage.
International Segment
The International segment reported strong operating profit and
expanded operating margin. The company’s performance is the result
of a number of items in the quarter, including strong cost control,
good execution and targeted domestic and export growth.
|
3Q 2019 |
Adjusted3Q 2019 |
3Q 2018 |
Adjusted3Q 2018 |
Revenue |
$3,494 M |
|
$3,478 M |
|
Operating profit |
$667 M |
$693 M |
$536 M |
$576 M |
- International saw export volume growth on intra-European trade
lanes and virtually all Asia trade lanes except Asia-U.S.
- International domestic revenue per piece fell less than 1%, but
grew 2.3% when adjusting for currency.
- Operating profit increased more than 24%, or by 20.3% on an
adjusted basis.
- Industry-leading operating margin remained strong at 19.1%;
adjusted operating margin expanded 320 basis points**.
**One basis point equals one-hundredth of a percentage
point.
Supply Chain and Freight Segment
The Supply Chain and Freight segment’s performance was driven by
small and medium-sized customers that generate higher-quality
revenue, as well as cost management actions throughout the
network.
|
3Q 2019 |
Adjusted3Q 2019 |
3Q 2018 |
Adjusted3Q 2018 |
Revenue |
$3,369 M |
|
$3,529 M |
|
Operating profit |
$245 M |
$256 M |
$242 M |
$260 M |
- Operating margin expanded to 7.3%, and to 7.6% on an adjusted
basis.
- Logistics revenue increased more than 7% from growth in the
healthcare, retail and manufacturing sectors.
- UPS Freight produced an increase in revenue per LTL
(less-than-truckload) hundredweight of nearly 4%, driven by its
focus on small and medium-sized businesses.
- The Forwarding unit adjusted costs and partially offset the
negative revenue impact of trade uncertainty.
Outlook
The company provides guidance on an adjusted (non-GAAP) basis
because it is not possible to predict or provide a reconciliation
reflecting the impact of future pension mark-to-market adjustments
or other unanticipated events, which would be included in reported
(GAAP) results and could be material.
“UPS delivered solid performance for the third quarter,” said
Brian Newman, UPS’s chief financial officer. “Positive impacts from
our transformation initiatives are visible in our results as we
continue to improve network efficiencies and create new solutions
that will open more growth opportunities well into the future.”
- The company reaffirms full-year adjusted diluted EPS in the
range of $7.45 to $7.75.
- Guidance assumes no further deterioration regarding global
trade uncertainty or U.S. industrial weakness.
- Adjusted free cash flow for the year is projected to be over
$4.0 billion.
- Capital investments have been reduced in both 2019 and 2020 by
about $500 million each year. Network automation targets and other
transformation goals remain unchanged.
- The effective tax rate for the full year 2019 is estimated to
be between 22% and 23%.
- Transformation charges are not included in the adjusted
guidance.
**One basis point equals one-hundredth of a
percentage point.
Conference Call
Information
UPS CEO David Abney, CFO Brian Newman and former CFO Richard Peretz
will discuss third-quarter results with investors and analysts
during a conference call at 8:30 a.m. ET, October 22, 2019.
That call will be open to others through a live Webcast. To
access the call, go to www.investors.ups.com and click on “Earnings
Webcast.” Additional financial information is included in the
detailed financial schedules being posted on www.investors.ups.com
under “Financials” and as filed with the SEC as an exhibit to our
Current Report on Form 8-K.
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a
broad range of solutions including transporting packages and
freight; facilitating international trade, and deploying advanced
technology to more efficiently manage the world of business.
Headquartered in Atlanta, UPS serves more than 220 countries and
territories worldwide. UPS was awarded America’s Best Customer
Service company for Shipping and Delivery services by Newsweek
magazine; Forbes Most Valuable Brand in Transportation; and top
rankings on the JUST 100 list for social responsibility, the Dow
Jones Sustainability World Index, and the Harris Poll Reputation
Quotient, among other prestigious rankings and awards. The company
can be found on the web at ups.com or pressroom.ups.com and its
corporate blog can be found at ups.com/longitudes The company’s
sustainability eNewsletter, UPS Horizons, can be found at
ups.com/sustainabilitynewsletter. To get UPS news direct,
follow @UPS_News on Twitter. To ship with UPS, visit
ups.com/ship.
Forward-Looking Statements
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 direction, prospects and future
results, involve certain risks and uncertainties.
Certain factors may cause actual results to differ materially
from those contemplated by the forward-looking statements,
including changes in economic and other conditions in the markets
in which we operate, governmental regulations (including tax laws
and regulations), our competitive environment, the facts or
assumptions underlying our health and pension benefit funding
obligations, the results of negotiation and ratification of labor
contracts, the impact of any strikes, work stoppages or 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.
Reconciliation of GAAP and non-GAAP Financial
Measures
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, other income
(expense), pre-tax income, net income and earnings per share.
Additionally, we periodically disclose free cash flow, free cash
flow excluding discretionary pension contributions, and capital
expenditures including principal repayments of capital lease
obligations. The equivalent measures determined in accordance with
GAAP are also referred to as "reported" or "unadjusted.”
We consider quantitative and qualitative factors in assessing
whether to adjust for the impact of items that may be significant
or that could affect an understanding of our ongoing financial and
business performance or trends. Examples of items for which we may
make adjustments include but are not limited to: amounts related to
mark-to-market gains or losses (non-cash); settlement of
contingencies; gains or losses associated with mergers,
acquisitions, divestitures and other structural changes; charges
related to restructuring programs such as the implementation of our
Transformation strategy; asset impairments (non-cash); amounts
related to changes in tax regulations or positions; amounts related
to changes in foreign currency exchange rates and the impact of any
hedging activities; other pension and postretirement related items;
and debt modifications.
We believe that these non-GAAP measures provide additional
meaningful information to assist users of our financial statements
in understanding our financial results, cash flows and assessing
our ongoing performance because they exclude items that may not be
indicative of, or are unrelated to, our underlying operations and
may provide a useful baseline for analyzing trends in our
underlying businesses. Management uses these non-GAAP financial
measures in making financial, operating and planning decisions. We
also use certain of these measures for the determination of
incentive compensation awards.
Non-GAAP financial measures should be considered in addition to,
and not as an alternative for, our reported results prepared in
accordance with GAAP. Our non-GAAP financial information does not
represent a comprehensive basis of accounting. Therefore, our
non-GAAP financial information may not be comparable to similarly
titled measures reported by other companies.
Costs Related to Restructuring Programs; Transformation Strategy
Costs
We supplement the presentation of our operating profit,
operating margin, pre-tax income, net income and earnings per share
with similar non-GAAP measures that exclude the impact of costs
related to restructuring programs, including Transformation
strategy costs. We believe this adjusted information provides
a useful comparison of year-to-year financial performance without
considering the short-term impact of restructuring costs. We
evaluate our performance on this adjusted basis.
Impact of Changes in Foreign Currency Exchange Rates and Hedging
Activities
We supplement the reporting of our revenue, revenue per piece
and operating profit with non-GAAP measures that exclude the
period-over-period impact of foreign currency exchange rate changes
and hedging activities. We believe currency-neutral revenue,
revenue per piece and operating profit information allows users of
our financial statements to understand growth trends in our
products and results. We evaluate the performance of our
International Package and Supply Chain and Freight segments on this
currency-neutral basis.
Currency-neutral revenue, revenue per piece and operating profit
are calculated by dividing current period reported U.S. dollar
revenue, revenue per piece and operating profit by the current
period average exchange rates to derive current period local
currency revenue, revenue per piece and operating profit. The
derived amounts are then multiplied by the average foreign exchange
rates used to translate the comparable results for each month in
the prior year period (including the period over period impact of
foreign currency hedging activities). The difference between the
current period reported U.S. dollar revenue, revenue per piece and
operating profit and the derived current period U.S. dollar
revenue, revenue per piece and operating profit is the period over
period impact of currency fluctuations.
Free Cash Flow and Adjusted Capital Expenditures
We supplement the reporting of cash flows from operating
activities with free cash flow, free cash flow excluding
discretionary pension contributions and free cash flow plus
principal repayments of capital lease obligations, non-GAAP
liquidity measures. We believe these free cash flow measures are
important indicators of how much cash is generated by regular
business operations and we use them as a measure of incremental
cash available to invest in our business, meet our debt obligations
and return cash to shareowners. Additionally, we believe that
adjusting capital expenditures for principal repayments of capital
lease obligations more appropriately reflects the overall cash that
we have invested in capital assets. We calculate free
cash flow as cash flows from operating activities less capital
expenditures, proceeds from disposals of property, plant and
equipment, and plus or minus the net changes in finance receivables
and other investing activities. Free cash flow excluding
discretionary pension contributions adds back any discretionary
pension contributions made during the period.
Reconciliation of GAAP and Non-GAAP Income Statement
Data |
|
|
(in
millions, except per share amounts): |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As-Reported |
|
Transformation Strategy
Costs(1) |
|
As-Adjusted |
|
|
|
|
(GAAP) |
|
|
(Non-GAAP) |
|
|
Operating
profit: |
|
|
|
|
|
|
|
|
U.S. Domestic Package |
|
$ |
1,216 |
|
$ |
26 |
|
$ |
1,242 |
|
|
International Package |
|
|
667 |
|
|
26 |
|
|
693 |
|
|
Supply Chain & Freight |
|
|
245 |
|
|
11 |
|
|
256 |
|
|
Total
operating profit |
|
$ |
2,128 |
|
$ |
63 |
|
$ |
2,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
$ |
2,206 |
|
$ |
63 |
|
$ |
2,269 |
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
$ |
456 |
|
$ |
16 |
|
$ |
472 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,750 |
|
$ |
47 |
|
$ |
1,797 |
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
2.01 |
|
$ |
0.06 |
|
$ |
2.07 |
|
|
|
|
|
|
|
|
|
|
|
(1)
Transformation strategy costs include other employee
benefits costs of $41 million, and other costs of $22
million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As-Reported |
|
Transformation Strategy Costs
(1) |
|
As-Adjusted |
|
|
|
|
(GAAP) |
|
|
(Non-GAAP) |
|
|
Operating
profit: |
|
|
|
|
|
|
|
|
U.S.
Domestic Package |
|
$ |
3,090 |
|
$ |
72 |
|
$ |
3,162 |
|
|
International Package |
|
|
1,858 |
|
|
112 |
|
|
1,970 |
|
|
Supply Chain & Freight |
|
|
717 |
|
|
23 |
|
|
740 |
|
|
Total
operating profit |
|
$ |
5,665 |
|
$ |
207 |
|
$ |
5,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
$ |
5,850 |
|
$ |
207 |
|
$ |
6,057 |
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
$ |
1,304 |
|
$ |
50 |
|
$ |
1,354 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
4,546 |
|
$ |
157 |
|
$ |
4,703 |
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
5.23 |
|
$ |
0.18 |
|
$ |
5.41 |
|
|
|
|
|
|
|
|
|
|
|
(1) Transformation strategy costs
include other employee benefits costs of $149 million, and other
costs of $58 million |
|
Reconciliation of GAAP and Non-GAAP Revenue, Revenue Per
Piece, and Adjusted Operating Profit |
|
(in
millions, except per piece amounts): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
Currency |
|
|
|
|
As-Reported |
As-Reported |
%
Change |
|
Currency |
|
Neutral |
|
%
Change |
|
|
(GAAP) |
|
(GAAP) |
|
(GAAP) |
|
Impact |
|
(Non-GAAP)(1) |
(Non-GAAP) |
|
Average Revenue Per Piece: |
|
|
|
|
|
|
|
|
|
|
|
|
International Package: |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
$ |
6.45 |
|
$ |
6.47 |
|
-0.3 |
% |
|
$ |
0.17 |
|
|
$ |
6.62 |
|
2.3 |
% |
|
Export |
|
29.06 |
|
|
29.32 |
|
-0.9 |
% |
|
|
0.06 |
|
|
|
29.12 |
|
-0.7 |
% |
|
Total International Package |
$ |
16.92 |
|
$ |
17.06 |
|
-0.8 |
% |
|
$ |
0.11 |
|
|
$ |
17.03 |
|
-0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
11.02 |
|
$ |
11.20 |
|
-1.6 |
% |
|
$ |
0.01 |
|
|
$ |
11.03 |
|
-1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Domestic Package |
$ |
11,455 |
|
$ |
10,437 |
|
9.8 |
% |
|
$ |
- |
|
|
$ |
11,455 |
|
9.8 |
% |
|
International Package |
|
3,494 |
|
|
3,478 |
|
0.5 |
% |
|
|
24 |
|
|
|
3,518 |
|
1.2 |
% |
|
Supply Chain & Freight |
|
3,369 |
|
|
3,529 |
|
-4.5 |
% |
|
|
20 |
|
|
|
3,389 |
|
-4.0 |
% |
|
Total
revenue |
$ |
18,318 |
|
$ |
17,444 |
|
5.0 |
% |
|
$ |
44 |
|
|
$ |
18,362 |
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts adjusted for period over
period foreign currency exchange rate and hedging
differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
As-Adjusted |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
Currency |
|
|
|
|
As-Adjusted |
|
As-Adjusted |
|
%
Change |
|
Currency |
|
Neutral |
|
%
Change |
|
|
(Non-GAAP)(1) |
(Non-GAAP)(1) |
(Non-GAAP) |
|
Impact |
|
(Non-GAAP)(2) |
(Non-GAAP) |
|
Operating Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Domestic Package |
$ |
1,242 |
|
$ |
988 |
|
25.7 |
% |
|
$ |
- |
|
|
$ |
1,242 |
|
25.7 |
% |
|
International Package |
|
693 |
|
|
576 |
|
20.3 |
% |
|
|
(32 |
) |
|
|
661 |
|
14.8 |
% |
|
Supply Chain & Freight |
|
256 |
|
|
260 |
|
-1.5 |
% |
|
|
7 |
|
|
|
263 |
|
1.2 |
% |
|
Total
operating profit |
$ |
2,191 |
|
$ |
1,824 |
|
20.1 |
% |
|
$ |
(25 |
) |
|
$ |
2,166 |
|
18.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts adjusted for Transformation
strategy costs |
|
|
|
|
|
|
|
|
|
|
|
(2)
Amounts adjusted for Transformation strategy costs and
period over period foreign currency exchange rate and hedging
differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP and Non-GAAP Revenue, Revenue Per
Piece, and Adjusted Operating Profit |
|
(in
millions, except per piece amounts): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
Currency |
|
|
|
|
As-Reported |
As-Reported |
%
Change |
|
Currency |
|
Neutral |
|
%
Change |
|
|
(GAAP) |
|
(GAAP) |
|
(GAAP) |
|
Impact |
|
(Non-GAAP)(1) |
(Non-GAAP) |
|
Average Revenue Per Piece: |
|
|
|
|
|
|
|
|
|
|
|
|
International Package: |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
$ |
6.52 |
|
$ |
6.60 |
|
-1.2 |
% |
|
$ |
0.33 |
|
|
$ |
6.85 |
|
3.8 |
% |
|
Export |
|
29.29 |
|
|
29.43 |
|
-0.5 |
% |
|
|
0.43 |
|
|
|
29.72 |
|
1.0 |
% |
|
Total International Package |
$ |
17.04 |
|
$ |
17.18 |
|
-0.8 |
% |
|
$ |
0.37 |
|
|
$ |
17.41 |
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
11.10 |
|
$ |
11.14 |
|
-0.4 |
% |
|
$ |
0.06 |
|
|
$ |
11.16 |
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Domestic Package |
$ |
33,085 |
|
$ |
31,018 |
|
6.7 |
% |
|
$ |
- |
|
|
$ |
33,085 |
|
6.7 |
% |
|
International Package |
|
10,458 |
|
|
10,613 |
|
-1.5 |
% |
|
|
222 |
|
|
|
10,680 |
|
0.6 |
% |
|
Supply Chain & Freight |
|
9,983 |
|
|
10,382 |
|
-3.8 |
% |
|
|
70 |
|
|
|
10,053 |
|
-3.2 |
% |
|
Total
revenue |
$ |
53,526 |
|
$ |
52,013 |
|
2.9 |
% |
|
$ |
292 |
|
|
$ |
53,818 |
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts adjusted for period over
period foreign currency exchange rate and hedging
differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
As-Adjusted |
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
Currency |
|
|
|
|
As-Adjusted |
|
As-Adjusted |
|
%
Change |
|
Currency |
|
Neutral |
|
%
Change |
|
|
(Non-GAAP)(1) |
(Non-GAAP)(1) |
(Non-GAAP) |
|
Impact |
|
(Non-GAAP)(2) |
(Non-GAAP) |
|
Operating Profit: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Domestic Package |
$ |
3,162 |
|
$ |
2,879 |
|
9.8 |
% |
|
$ |
- |
|
|
$ |
3,162 |
|
9.8 |
% |
|
International Package |
|
1,970 |
|
|
1,824 |
|
8.0 |
% |
|
|
(46 |
) |
|
|
1,924 |
|
5.5 |
% |
|
Supply Chain & Freight |
|
740 |
|
|
677 |
|
9.3 |
% |
|
|
9 |
|
|
|
749 |
|
10.6 |
% |
|
Total
operating profit |
$ |
5,872 |
|
$ |
5,380 |
|
9.1 |
% |
|
$ |
(37 |
) |
|
$ |
5,835 |
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts adjusted for Transformation
strategy costs |
|
|
|
|
|
|
|
|
|
|
|
(2)
Amounts adjusted for Transformation strategy costs and
period over period foreign currency exchange rate and hedging
differences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Liquidity Measures |
|
(in
millions): |
|
|
|
|
|
|
Nine Months Ended September 30 |
|
|
|
|
|
|
Net Increase
(Decrease) in Cash, Cash Equivalents and Restricted
Cash |
|
|
|
|
|
|
|
|
|
Preliminary |
|
|
|
|
|
2019 |
|
|
|
Cash flows
from operating activities |
|
$ |
5,693 |
|
|
|
Cash flows
used in investing activities |
|
|
(4,027 |
) |
|
|
Cash flows
used in financing activities |
|
|
(1,854 |
) |
|
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash |
|
|
6 |
|
|
|
Net
increase/(decrease) in cash, cash equivalents and restricted
cash |
|
$ |
(182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Capital Expenditures and Free
Cash Flow (Non-GAAP measures) |
|
|
|
|
|
|
|
|
|
|
|
Preliminary |
|
|
|
|
|
2019 |
|
|
|
Cash flows
from operating activities (GAAP) |
|
$ |
5,693 |
|
|
|
Capital expenditures |
|
|
(4,336 |
) |
|
|
Principal repayments of capital lease obligations |
|
|
(120 |
) |
|
|
Adjusted
capital expenditures (non-GAAP measure) |
|
$ |
(4,456 |
) |
|
|
Proceeds
from disposals of PP&E |
|
|
61 |
|
|
|
Net change
in finance receivables |
|
|
8 |
|
|
|
Other
investing activities |
|
|
(84 |
) |
|
|
Adjusted free cash flow (non-GAAP measure) |
|
$ |
1,222 |
|
|
|
Discretionary pension contributions |
|
|
2,000 |
|
|
|
Adjusted free cash flow (non-GAAP measure) excluding discretionary
pension contributions |
|
$ |
3,222 |
|
|
|
|
|
|
|
|
Amounts are subject to reclassification. |
|
|
Contacts:
Steve Gaut, Public Relations
404-828-8787Scott
Childress, Investor Relations404-828-7957
United Parcel Service (NYSE:UPS)
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