For Immediate Release
UPS RELEASES 3Q 2020 EARNINGS
•Consolidated Revenue Increased 15.9%; Growth Across All Segments
•Diluted EPS of $2.24, Up 11.4%; Adjusted* Diluted EPS Up 10.1% to $2.28
•YTD Cash from Operations of $9.3B; Adjusted Free Cash Flow of $5.9B
ATLANTA – October 28, 2020 – UPS (NYSE:UPS) today announced third-quarter 2020 consolidated revenue of $21.2 billion, a 15.9% increase over the third quarter of 2019. Consolidated average daily volume increased 13.5% year over year. Net income was $2.0 billion for the quarter, 11.8% above the same period in 2019, or 10.7% on an adjusted basis. Operating profit was $2.4 billion, up 11.0% compared to last year’s third quarter, or 9.9% on an adjusted basis.
Diluted earnings per share was $2.24 and adjusted diluted earnings per share was $2.28, up 10.1% from the same period last year. GAAP results include a pre-tax transformation charge of $44 million, equivalent to $0.04 per share. In the prior year period, GAAP results included a pre-tax charge for transformation costs of $63 million, equivalent to $0.06 per diluted share.
“Our performance highlights the agility of our global integrated network amid the ongoing challenges of the pandemic. Our results were fueled by continued strong outbound demand from Asia and growth from small and medium-sized businesses,” said Carol Tomé, UPS chief executive officer. “UPSers are everyday heroes who are keeping the world’s supply chains moving. I want to thank our team for their ongoing commitment to our customers and the communities we serve.”
U.S. Domestic Segment
|Revenue||$13,225 M||$11,455 M|
|Operating profit||$1,098 M||$1,133 M||$1,216 M||$1,242 M|
•Average daily volume increased 13.8%, with growth across all products and continued elevated residential demand.
•Operating margin was 8.3%; adjusted operating margin was 8.6%.
|Revenue||$4,087 M||$3,494 M|
|Operating profit||$966 M||$972 M||$667 M||$693 M|
•Average daily volume grew 12.1%, with double-digit export volume growth globally and continued strong outbound demand from Asia.
•Operating margin was 23.6%; adjusted operating margin was 23.8%.
* “Adjusted” amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial measures, including a reconciliation to the most closely correlated GAAP measure.
The following information was filed by United Parcel Service Inc (UPS) on Wednesday, October 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.