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United Parcel Service Inc (UPS) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

United Parcel Service Inc

HISTORY TOOLS
CIK: 1090727 Ticker: UPS

Exhibit 99.1
For Immediate Release


UPS RELEASES 4Q 2020 EARNINGS

•Consolidated Revenue Increased 21.0% to $24.9B; Growth Across All Segments
•Consolidated Operating Profit Up 1.6% to $2.2B, Up 26.0% on an Adjusted* Basis
•Diluted EPS of ($3.75); Adjusted Diluted EPS of $2.66, Up 26.1%
•For the Year, Reported Highest Revenue and Adjusted Diluted Earnings Per Share in Company History

ATLANTA – February 2, 2021
 – UPS (NYSE:UPS) today announced fourth-quarter 2020 consolidated revenue of $24.9 billion, a 21.0% increase over the fourth quarter of 2019. Consolidated average daily volume increased 10.6% year over year. Operating profit was $2.2 billion, up 1.6% compared to last year’s fourth quarter, or 26.0% on an adjusted basis. Net loss was $3.3 billion for the quarter; adjusted net income was $2.3 billion or 26.4% above the same period last year.

In the fourth quarter, diluted loss per share was $3.75, compared to a diluted loss per share of $0.12 in the fourth quarter of 2019. Adjusted diluted earnings per share (EPS) increased 26.1% to $2.66, compared to $2.11 from the same period last year.

For the fourth-quarter of 2020, GAAP results include a total charge of $5.6 billion, or $6.38 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension charge of $4.9 billion, an after-tax transformation charge of $114 million and an after-tax impairment charge of $545 million associated with the Company’s decision to sell UPS Freight. The Company’s fourth-quarter 2019 GAAP results included a total charge of $1.9 billion, or $2.23 per diluted share, comprised of a non-cash, after-tax MTM pension charge of $1.8 billion, an after-tax transformation charge of $39 million and a U.S. Domestic after-tax legal reserve charge of $91 million.

“Our financial performance in the fourth quarter exceeded our expectations, and I thank all UPSers for their extraordinary efforts to deliver industry-leading service through the holidays.” said Carol Tomé, UPS chief executive officer. “I’d also like to thank our customers who worked with us during this challenging year. As we look past 2020 into the new year, we are optimistic. During the fourth quarter, we began transporting COVID-19 vaccines and we stand ready to deliver hope and health to people around the world.”

U.S. Domestic Segment


4Q 2020
Adjusted
4Q 2020

4Q 2019
Adjusted
4Q 2019
Revenue$15,744 M$13,408 M
Operating profit$1,247 M$1,379 M$1,074 M$1,207 M

•Revenue increased 17.4%, led by growth from small and medium-sized businesses.
•Revenue per piece increased 7.8%, driven by Ground residential.
•Operating margin was 7.9%; adjusted operating margin was 8.8%.

* “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 Tuesday, February 2, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside United Parcel Service Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Income
- Amortized Cost And Estimated Fair Value Of Marketable Securities By Contractual Maturity (Detail)
Assets Held For Sale
Assets Held For Sale (Tables)
Assets Held For Sale - Additional Information (Details)
Assets Held For Sale - Summarizes Carrying Values Of Assets And Liabilities Classified As Held For Sale (Details)
Company-Sponsored Employee Benefit Plans
Company-Sponsored Employee Benefit Plans (Tables)
Company-Sponsored Employee Benefit Plans - Additional Information (Detail)
Company-Sponsored Employee Benefit Plans - Expected Cash Flows For Pension And Postretirement Benefit Plans (Detail)
Company-Sponsored Employee Benefit Plans - Fair Value Measurement Of Plan Assets Using Unobservable Inputs (Detail)
Company-Sponsored Employee Benefit Plans - Fair Values Of U.S. Pension And Postretirement Benefit Plan Assets By Asset Category As Well As The Percentage That Each Category Comprises Of Total Plan Assets And The Respective Target Allocations (Detail)
Company-Sponsored Employee Benefit Plans - Funded Status As Of The Respective Measurement Dates In Each Year And The Amounts Recognized In Balance Sheet (Detail)
Company-Sponsored Employee Benefit Plans - Net Periodic Benefit Cost For Company Sponsored Pension And Postretirement Benefit Plans (Detail)
Company-Sponsored Employee Benefit Plans - Projected Benefit Obligation, Accumulated Benefit Obligation, And Fair Value Of Plan Assets For Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets (Detail)
Company-Sponsored Employee Benefit Plans - Reconciliation Of The Changes In The Plans' Benefit Obligations And Fair Value Of Plan Assets (Detail)
Company-Sponsored Employee Benefit Plans - Weighted Average Actuarial Assumptions Used To Determine The Benefit Obligations (Detail)
Company-Sponsored Employee Benefit Plans - Weighted Average Actuarial Assumptions Used To Determine The Net Periodic Benefit Cost (Detail)
Company-Sponsored Employee Benefit Plans Company-Sponsored Employee Benefit Plans - Effects Of One Basis Point Change On Projected Benefit Obligation (Details)
Compensation Related Costs, Postemployment Benefits
Debt And Financing Arrangements
Debt And Financing Arrangements (Tables)
Debt And Financing Arrangements - Additional Information (Detail)
Debt And Financing Arrangements - Aggregate Minimum Lease Payments , Annual Principal Payments And Amounts Expected To Be Spent For Purchase Commitments (Detail)
Debt And Financing Arrangements - Carrying Value Of Debt Obligations (Detail)
Debt And Financing Arrangements Debt And Financing Arrangements - Average Interest Rate (Details)
Derivative Instruments And Risk Management
Derivative Instruments And Risk Management (Tables)
Derivative Instruments And Risk Management - Additional Information (Detail)
Derivative Instruments And Risk Management - Amount And Location In The Income Statement For Derivatives Designated As Fair Value Hedges (Detail)
Derivative Instruments And Risk Management - Amount And Location In The Income Statement For Derivatives Designed As Cash Flow Hedges (Detail)
Derivative Instruments And Risk Management - Amount Recorded In Income Statements For Foreign Currency Forward Contracts Not Designated As Hedges (Detail)
Derivative Instruments And Risk Management - Balance Sheet Location Of Derivative Assets And Liabilities And Their Related Fair Values (Detail)
Derivative Instruments And Risk Management - Notional Amounts Of Outstanding Derivative Positions (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Allocation Of Goodwill By Reportable Segment (Detail)
Goodwill And Intangible Assets - Summary Of Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Deferred Tax Liabilities And Assets (Detail)
Income Taxes - Income Before Income Taxes (Detail)
Income Taxes - Income Tax Expense Benefit (Detail)
Income Taxes - Reconciliation Of Statutory Federal Income Tax Rate To Effective Income Tax Rate (Detail)
Income Taxes - Summarized Activity Related To Unrecognized Tax Benefits (Detail)
Income Taxes - U.S. State And Local Operating Loss And Credit Carryforwards (Detail)
Investments And Restricted Cash
Investments And Restricted Cash (Tables)
Investments And Restricted Cash - Additional Information (Detail)
Investments And Restricted Cash - Age Of Gross Unrealized Losses And Fair Value By Investment Category (Detail)
Investments And Restricted Cash - Cash Details (Details)
Investments And Restricted Cash - Summary Of Marketable Securities (Detail)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Maturity Schedule After Adoption (Details)
Leases - Narratives (Details)
Leases - Supplemental Balance Sheet (Details)
Leases - Supplemental Cash Flow Disclosures (Details)
Legal Proceedings And Contingencies
Legal Proceedings And Contingencies Legal Proceedings And Contingencies (Details)
Multiemployer Employee Benefit Plans (Tables)
Multiemployer Employee Benefit Plans - Multi-Employer Health And Welfare Plans (Detail)
Multiemployer Employee Benefit Plans - Ups's Participation In Multiemployer Plans (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Detail)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Narratives (Details)
Quarterly Information (Unaudited)
Quarterly Information (Unaudited) (Tables)
Quarterly Information (Unaudited) - Quarterly Information (Detail)
Quarterly Information (Unaudited) - Transformation And Other Costs (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition - Narratives (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Additional Information (Detail)
Segment And Geographic Information - Geographic Information (Detail)
Segment And Geographic Information - Revenue By Product Type (Detail)
Segment And Geographic Information - Segment Information (Detail)
Shareowners' Equity
Shareowners' Equity (Tables)
Shareowners' Equity - Activity In Accumulated Other Comprehensive Income (Loss) (Detail)
Shareowners' Equity - Activity In Accumulated Other Comprehensive Income (Loss) (Phantom) (Detail)
Shareowners' Equity - Activity In Deferred Compensation Program (Detail)
Shareowners' Equity - Additional Information (Detail)
Shareowners' Equity - Roll-Forward Of Common Stock, Additional Paid-In Capital, And Retained Earnings Accounts (Detail)
Shareowners' Equity - Roll-Forward Of Common Stock, Additional Paid-In Capital, And Retained Earnings Accounts (Phantom) (Detail)
Shareowners' Equity Shareowners' Equity - Reclassification From Aoci (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Fair Value Of Employee Stock Options Granted As Determined By Black-Scholes Valuation Model Assumptions (Detail)
Stock-Based Compensation - Options To Purchase Shares Of Class A Common Stock Issued And Outstanding (Detail)
Stock-Based Compensation - Restricted Stock Units Outstanding, Including Reinvested Dividends (Detail)
Stock-Based Compensation - Summarized Information About Stock Options Outstanding And Exercisable (Detail)
Subsequent Events
Subsequent Events (Details)
Summary Of Accounting Policies
Summary Of Accounting Policies (Policies)
Summary Of Accounting Policies - Additional Information (Detail)
Transformation Strategy
Transformation Strategy Costs (Tables)
Transformation Strategy Transformation Strategy Costs (Details)
Ticker: UPS
CIK: 1090727
Form Type: 10-K Annual Report
Accession Number: 0001090727-21-000013
Submitted to the SEC: Mon Feb 22 2021 5:27:26 PM EST
Accepted by the SEC: Mon Feb 22 2021
Period: Thursday, December 31, 2020
Industry: Trucking And Courier Services No Air

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