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UPS Releases 3Q 2020 Earnings

Sunday, November 1, 2020/ Editor -  

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• 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 – November 1, 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

 

 

3Q 2020

Adjusted

3Q 2020

 

3Q 2019

Adjusted

3Q 2019

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%.

 

International Segment

 

 

 

3Q 2020

Adjusted

3Q 2020

 

3Q 2019

Adjusted

3Q 2019

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%.
 
 
 
Supply Chain and Freight Segment

 

 

3Q 2020

Adjusted

3Q 2020

 

3Q 2019

Adjusted

3Q 2019

Revenue

$3,926 M

 

$3,369 M

 

Operating profit

$299 M

$302 M

$245 M

$256 M

 

 

  • Revenue increased 16.5%, driven by strong freight forwarding demand out of Asia.
  • Operating margin was 7.6%; adjusted operating margin was 7.7%.

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