Dubai PR Network, Online Press Release from Dubai and Middle East
 
Shipping & Logistic(Shipping and Logistic)
Filter PR by
  

UPS Releases 2Q 2023 Earnings

 
• Consolidated Revenues of $22.1B, Compared to $24.8B Last Year 
• Consolidated Operating Profit of $2.8B; Adj. Consolidated Operating Profit of $2.9B
• Consolidated Operating Margin of 12.6%; Adjusted Consolidated Operating Margin of 13.2%
• Diluted EPS of $2.42; Adj. Diluted EPS of $2.54, Compared to $3.29 Last Year 
• Win-win-win Labor Agreement Reached with Teamsters Covering More Than 300,000 UPS Employees
 
August 8, 2023 – UPS (NYSE:UPS) today announced second-quarter 2023 consolidated revenues of $22.1 billion, a 10.9% decrease from the second quarter of 2022. Consolidated operating profit was $2.8 billion, down 21.4% compared to the second quarter of 2022, and down 18.4% on an adjusted basis. Diluted earnings per share were $2.42 for the quarter; adjusted diluted earnings per share of $2.54 were 22.8% below the same period in 2022.  
 
For the second quarter of 2023, GAAP results included after-tax transformation and other charges of $106 million, or $0.12 per diluted share.
 
“We are pleased to have reached agreement with the Teamsters. I want to thank the more than 500,000 UPSers around the world for their hard work and efforts, and for once again providing industry-leading service. And a special thank you to our customers for trusting your business with UPS during our labor negotiations,” said Carol Tomé, UPS chief executive officer. “UPS is stronger than ever. Looking ahead, we will stay on strategy to capture growth in the most attractive parts of the market and make our global integrated network even more efficient.” 
 
 
• Revenue decreased 6.9%, driven by a 9.9% decrease in average daily volume, which was partially offset by a 3.3% increase in revenue per piece.
• Operating margin was 11.1%; adjusted operating margin was 11.7%.
 
• Revenue decreased 13.0%, primarily driven by a 6.6% reduction in average daily volume and continued softness on Asia trade lanes.
• Operating margin was 20.0%; adjusted operating margin was 20.4%.
 
• Revenue decreased 23.4% due to market rate and volume declines in forwarding, partially offset by growth in logistics, including healthcare.
• Operating margin was 9.1%; adjusted operating margin was 10.4%.
 
2023 Outlook
The company provides certain guidance on an adjusted (non-GAAP) basis because it is not possible to predict or provide a reconciliation reflecting the impact of future pension adjustments or other unanticipated events, which would be included in reported (GAAP) results and could be material.
 
UPS is updating its full-year 2023 consolidated revenue and adjusted operating margin targets primarily to reflect the volume impact from labor negotiations and the costs associated with the tentative agreement reached with the International Brotherhood of Teamsters on July 25, 2023. UPS now expects full-year 2023 consolidated revenue to be about $93 billion and an adjusted operating margin of around 11.8%.
 
The company is reaffirming its capital allocation plans and expects capital expenditures to be about $5.3 billion, dividend payments to be around $5.4 billion, subject to board approval, and share repurchases to be around $3 billion.


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 10693 times
PR Category : Shipping and Logistic
Posted on : Tuesday, August 8, 2023  3:44:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : GLS Group's First Venture in the UAE has Commenced Operation...
Next Story : Emirates Delivers Launches in Kuwait
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
World's First Sheglam Store in the Middle East [29409-Views]
Dubai Jewellery Group Dazzles with Unprecedented Offers at the Dubai Shopping Festival [14346-Views]
QNET's Swiss Luxury Brand Bernhard H Mayer Unveils New Jewellery Collection [6589-Views]
Kia Unveils its All-New K3 for the first time in the Middle East at Riyadh Motor Show 2023 [4826-Views]
Dubai's Charitable Preloved Clothes Chain Thrift For Good Pledges 100% of Profits To Emerg... [4809-Views]
Delight in unforgettable Festive Season at Grand Millennium Al Wahda in the Centre of Abu... [4457-Views]
Dubai Airports Celebrates UAE 52nd Union Day and Embraces the Year of Sustainability [4321-Views]
Air France-KLM and Etihad Airways Announce Frequent Flyer Partnership [4047-Views]
Fouquet's Dubai Launches “Pardon My Brunch” [3944-Views]
Malabar Gold & Diamonds Expands into Canada; Launches 335th Global Showroom [3899-Views]
Dubai Free Zones Council Enhances the Attraction of National Talent and Streamlining the I... [3887-Views]
Redefining Excellence: India International School, Sharjah, Leaves a mark in History with ... [3870-Views]
Etihad Airways Celebrates 20th Anniversary with Iconic Fly-past at Formula 1 Etihad Airwa... [3665-Views]
Theyab Bin Mohamed Bin Zayed Witnesses Signing of Strategic Partnership between Etihad Rai... [3579-Views]
BlackBerry Quarterly Global Threat Intelligence Report Shows 70 Percent Increase in Novel ... [3575-Views]
niluu the Vegan Silkwear Brand Celebrates the Animal Kingdom with Elegant Print [3571-Views]
Hamdan bin Mohamed bin Zayed presents Trophy to Formula 1 Etihad Airways Abu Dhabi Grand P... [3546-Views]
Zero-Emission Vehicle Innovator Wisdom Motor Brings the GCC's First 12-Meter Hydrogen City... [3489-Views]
Food Consumption in the GCC to Grow at a Steady Pace, says Alpen Capital [3456-Views]
Emirates Post Group unveils Two Commemorative Stamp Sets Celebrating UAE's Hosting of COP2... [3428-Views]
Danube Home Announces the Mad Red Sale – The Biggest Loot of the Year! [3423-Views]
Hamdan bin Mohammed leads Dubai Run as 226,000 People take part in World's Largest Communi... [3391-Views]
Revolutionizing Crop Growth: Tadweer Signs $2.5m Milestone Agreement with Aquagrain to Dep... [3341-Views]
World Tennis League Unveils Full Player Roster with Thrilling Matchups Set for Season Two [3333-Views]
ADEK's Khotwa Program Strengthens College Associations in Australia and New Zealand [3255-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories