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United Parcel Service Inc (UPS) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

United Parcel Service Inc

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CIK: 1090727 Ticker: UPS

Exhibit 99.1
For Immediate Release

UPS RELEASES 1Q 2021 EARNINGS

•Consolidated Revenue Increased 27%; Growth Across All Segments
•Consolidated Operating Profit Up 158% to $2.8B, Up 164% on an Adjusted* Basis
•Diluted EPS of $5.47; Adjusted Diluted EPS Up 141% to $2.77


ATLANTA – April 27, 2021
 – UPS (NYSE:UPS) today announced first-quarter 2021 consolidated revenue of $22.9 billion, a 27% increase over the first quarter of 2020. Consolidated average daily volume increased 14.3% year over year. Consolidated operating profit was $2.8 billion, up 158% compared to the first quarter of 2020, and up 164% on an adjusted basis. Diluted earnings per share were $5.47 for the quarter, 393% above the same period in 2020, and up 141% on an adjusted basis.

For the first-quarter of 2021, GAAP results include a net benefit of $2.4 billion, or $2.70 per diluted share, comprised of an after-tax mark-to-market (MTM) pension benefit of $2.5 billion and after-tax transformation and other charges of $140 million. The MTM benefit was primarily driven by the enactment of the American Rescue Plan Act of 2021 (ARPA). The ARPA, which was signed into law on March 11, 2021, protects certain multi-employer pension plans from becoming insolvent through 2051, thereby eliminating the Company’s liability for potential coordinating benefits related to the Central States Pension Fund. Enactment of the ARPA required the Company to remeasure its UPS IBT Pension plan at current discount rates, which have increased since the previous measurement date. The overall result was a reduction in the pension liability of $6.4 billion.

“I want to thank all UPSers for delivering what matters, including COVID-19 vaccines,” said Carol Tomé, UPS chief executive officer. “During the quarter, we continued to execute our strategy under the better not bigger framework, which enabled us to win the best opportunities in the market and drove record financial results.”


U.S. Domestic Segment


1Q 2021
Adjusted
1Q 2021

1Q 2020
Adjusted
1Q 2020
Revenue$14,010M$11,456M
Operating profit$1,359M$1,463M$364M$401M

•Revenue increased 22.3%, led by growth from small and medium-sized businesses.
•Revenue per piece increased 10.2%, driven by Ground products.
•Operating margin was 9.7%; adjusted operating margin was 10.4%.








* “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, April 27, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Income
Activity In Accumulated Other Comprehensive Income (Loss) (Detail)
Amount And Location In The Income Statement For Derivatives Designed As Cash Flow Hedges (Detail)
Amount Recorded In Income Statements For Foreign Currency Forward Contracts Not Designated As Hedges (Detail)
Assets Held For Sale
Assets Held For Sale (Tables)
Assets Held For Sale - Additional Information (Details)
Assets Held For Sale - Carrying Value Of Assets And Liabilities Held For Sale (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Cash And Cash Equivalents (Policies)
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Cash And Investments (Tables)
Cash And Investments - Additional Information (Detail)
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Cash And Investments - Cash Details (Details)
Cash And Investments - Investments Measured At Fair Value On A Recurring Basis (Detail)
Cash And Investments - Summary Of Marketable Securities (Detail)
Computation Of Basic And Diluted Earnings Per Share (Detail)
Debt And Financing Arrangements
Debt And Financing Arrangements (Tables)
Debt And Financing Arrangements - Additional Information (Detail)
Debt And Financing Arrangements - Carrying Value Of Outstanding Debt (Detail)
Derivative Instruments And Risk Management
Derivative Instruments And Risk Management (Tables)
Derivative Instruments And Risk Management - Additional Information (Detail)
Derivative Instruments And Risk Management - Fair Value Derivative Balance Sheet Location (Details)
Derivative Instruments And Risk Management - Income Statement And Aoci Recognition (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Detail)
Employee Benefit Plans - Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Narratives) (Details)
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Allocation Of Goodwill By Reportable Segment (Detail)
Goodwill And Intangible Assets - Summary Of Intangible Assets (Detail)
Income Taxes
Income Taxes - Additional Information (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 (Narratives) (Details)
Location On The Balance Sheet Of Derivative Assets And Liabilities (Detail)
Notional Amounts Of Outstanding Derivative Positions (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Detail)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narratives (Details)
Roll-Forward Of Common Stock, Additional Paid-In Capital, Retained Earnings Accounts And Noncontrolling Interest (Detail)
Segment Information
Segment Information (Detail)
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Shareowners' Equity
Shareowners' Equity (Tables)
Shareowners' Equity - Activity In Deferred Compensation Program (Detail)
Shareowners' Equity - Additional Information (Detail)
Shareowners' Equity - Gains (Losses) Reclassified From Aoci (Detail)
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)
Subsequent Events
Subsequent Events (Details)
Transformation Strategy (Details)
Transformation Strategy (Notes)
Transformation Strategy X (Tables)
Ticker: UPS
CIK: 1090727
Form Type: 10-Q Quarterly Report
Accession Number: 0001090727-21-000019
Submitted to the SEC: Wed May 05 2021 4:57:24 PM EST
Accepted by the SEC: Wed May 05 2021
Period: Wednesday, March 31, 2021
Industry: Trucking And Courier Services No Air

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