UPS Releases 2Q 2023 Earnings
- UPS reported a strong labor agreement with the Teamsters, providing stability for more than 300,000 employees.
- Despite a decrease in revenues and operating profit, UPS remains committed to capturing growth in the most attractive parts of the market and making its global integrated network more efficient.
- Consolidated revenues decreased by 10.9% and consolidated operating profit decreased by 21.4% compared to the second quarter of 2022.
- Diluted earnings per share were 22.8% below the same period in 2022.
-
Consolidated Revenues of
, Compared to$22.1B Last Year$24.8B -
Consolidated Operating Profit of
; Adj. Consolidated Operating Profit of$2.8B $2.9B -
Consolidated Operating Margin of
12.6% ; Adjusted Consolidated Operating Margin of13.2% -
Diluted EPS of
; Adj. Diluted EPS of$2.42 , Compared to$2.54 Last Year$3.29 - Win-win-win Labor Agreement Reached with Teamsters Covering More Than 300,000 UPS Employees
For the second quarter of 2023, GAAP results included after-tax transformation and other charges of
“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.”
|
2Q 2023 |
Adjusted 2Q 2023 |
2Q 2022 |
Adjusted 2Q 2022 |
Revenue |
|
|
|
|
Operating profit |
|
|
|
|
-
Revenue decreased
6.9% , driven by a9.9% decrease in average daily volume, which was partially offset by a3.3% increase in revenue per piece. -
Operating margin was
11.1% ; adjusted operating margin was11.7% .
International Segment
|
2Q 2023 |
Adjusted 2Q 2023 |
2Q 2022 |
Adjusted 2Q 2022 |
Revenue |
|
|
|
|
Operating profit |
|
|
|
|
-
Revenue decreased
13.0% , primarily driven by a6.6% reduction in average daily volume and continued softness onAsia trade lanes. -
Operating margin was
20.0% ; adjusted operating margin was20.4% .
Supply Chain Solutions1
|
2Q 2023 |
Adjusted 2Q 2023 |
2Q 2022 |
Adjusted 2Q 2022 |
Revenue |
|
|
|
|
Operating profit |
|
|
|
|
1 Consists of operating segments that do not meet the criteria of a reportable segment under ASC Topic 280 – Segment Reporting. |
-
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 was10.4% .
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
The company is reaffirming its capital allocation plans and expects capital expenditures to be about
* “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.
Conference Call Information
UPS CEO Carol Tomé and CFO Brian Newman will discuss second-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, August 8, 2023. That call will be open to others through a live Webcast. To access the call, go to www.investors.ups.com and click on “Earnings Conference Call.” Additional financial information is included in the detailed financial schedules being posted on www.investors.ups.com under “Quarterly Earnings and Financials” and as furnished to the SEC as an exhibit to our Current Report on Form 8-K.
About UPS
UPS (NYSE: UPS) is one of the world’s largest companies, with 2022 revenue of
Forward-Looking Statements
This release, our Annual Report on Form 10-K for the year ended December 31, 2022 and our other filings with the Securities and Exchange Commission contain and in the future may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than those of current or historical fact, and all statements accompanied by terms such as “will,” “believe,” “project,” “expect,” “estimate,” “assume,” “intend,” “anticipate,” “target,” “plan,” and similar terms, are intended to be forward-looking statements. Forward-looking statements are made subject to the safe harbor provisions of the federal securities laws pursuant to Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
From time to time, we also include written or oral forward-looking statements in other publicly disclosed materials. Forward-looking statements may relate to our intent, belief, forecasts of, or current expectations about our strategic direction, prospects, future results, or future events; they do not relate strictly to historical or current facts. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any forward-looking statements because such statements speak only as of the date when made and the future, by its very nature, cannot be predicted with certainty.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties, include, but are not limited to the impact of: continued uncertainties related to the COVID-19 pandemic; changes in general economic conditions, in the
From time to time, we expect to participate in analyst and investor conferences. Materials provided or displayed at those conferences, such as slides and presentations, may be posted on our investor relations website at www.investors.ups.com under the heading "Presentations" when made available. These presentations may contain new material nonpublic information about our company and you are encouraged to monitor this site for any new posts, as we may use this mechanism as a public announcement.
Reconciliation of GAAP and Non-GAAP Financial Measures
We supplement the reporting of our financial information determined under generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures.
Adjusted financial measures should be considered in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. Our adjusted financial measures do not represent a comprehensive basis of accounting and therefore may not be comparable to similarly titled measures reported by other companies.
Forward-Looking Non-GAAP Metrics
From time to time when presenting forward-looking non-GAAP metrics, we are unable to provide quantitative reconciliations to the most closely correlated GAAP measure due to the uncertainty in the timing, amount or nature of any adjustments, which could be material in any period.
Changes in Foreign Currency Exchange Rates and Hedging Activities
We supplement the reporting of revenue, revenue per piece and operating profit with adjusted measures that exclude the period-over-period impact of foreign currency exchange rate changes and hedging activities. We believe currency-neutral revenue, revenue per piece and operating profit information allows users of our financial statements to understand growth trends in our products and results. We evaluate the performance of International Package and Supply Chain Solutions on this currency-neutral basis.
Currency-neutral revenue, revenue per piece and operating profit are calculated by dividing current period reported
Incentive Compensation Program Design Changes
During 2022, we completed certain structural changes to the design of our incentive compensation programs that resulted in a one-time, non-cash charge in connection with the accelerated vesting of certain equity incentive awards that we do not expect to repeat. We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of these changes. We believe excluding the impacts of such changes allows users of our financial statements to more appropriately identify underlying growth trends in compensation and benefits expense.
Long-lived Asset Estimated Residual Value Changes
During the fourth quarter of 2022, we incurred a one-time, non-cash charge resulting from a reduction in the estimated residual value of our MD-11 fleet. We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of this charge. We believe excluding the impact of this charge better enables users of our financial statements to understand the ongoing cost associated with our long-lived assets.
Transformation Charges, and Goodwill, Asset Impairment and Divestiture Charges
We supplement the presentation of our operating profit, operating margin, income before income taxes, net income and earnings per share with non-GAAP measures that exclude the impact of charges related to transformation activities, and goodwill, asset impairment and divestiture charges. We believe excluding the impact of these charges better enables users of our financial statements to view and evaluate underlying business performance from the perspective of management. We do not consider these costs when evaluating the operating performance of our business units, making decisions to allocate resources or in determining incentive compensation awards.
Defined Benefit Pension and Postretirement Medical Plan Gains and Losses
We recognize changes in the fair value of plan assets and net actuarial gains and losses in excess of a
Free Cash Flow
We calculate free cash flow as cash flows from operating activities less capital expenditures, proceeds from disposals of property, plant and equipment, and plus or minus the net changes in other investing activities. We believe free cash flow is an important indicator of how much cash is generated by our ongoing business operations and we use this as a measure of incremental cash available to invest in our business, meet our debt obligations and return cash to shareowners.
Adjusted Return on Invested Capital
Adjusted ROIC is calculated as the trailing twelve months (“TTM”) of adjusted operating income divided by the average of total debt, non-current pension and postretirement benefit obligations and shareowners’ equity, at the current period end and the corresponding period end of the prior year. Because adjusted ROIC is not a measure defined by GAAP, we calculate it, in part, using non-GAAP financial measures that we believe are most indicative of our ongoing business performance. We consider adjusted ROIC to be a useful measure for evaluating the effectiveness and efficiency of our long-term capital investments.
Adjusted Total Debt / Adjusted EBITDA
Adjusted total debt is defined as our long-term debt and finance leases, including current maturities, plus non-current pension and postretirement benefit obligations. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization adjusted for the impacts of incentive compensation program redesign, transformation and other costs, defined benefit plan gains and losses and other income. We believe the ratio of adjusted total debt to adjusted EBITDA is an important indicator of our financial strength, and is a ratio used by third parties when evaluating the level of our indebtedness.
Reconciliation of GAAP and Non-GAAP Income Statement Items (in millions, except per share data): |
||||||||||
|
||||||||||
Three Months Ended June 30, 2023 |
||||||||||
|
|
|
|
|
|
|||||
|
As Reported
|
|
Transformation
|
|
As Adjusted
|
|||||
|
$ |
12,794 |
|
|
$ |
79 |
|
$ |
12,715 |
|
International Package |
|
3,532 |
|
|
|
19 |
|
|
3,513 |
|
Supply Chain Solutions |
|
2,949 |
|
|
|
41 |
|
|
2,908 |
|
Operating Expense |
|
19,275 |
|
|
|
139 |
|
|
19,136 |
|
|
|
|
|
|
|
|||||
|
|
1,602 |
|
|
|
79 |
|
|
1,681 |
|
International Package |
|
883 |
|
|
|
19 |
|
|
902 |
|
Supply Chain Solutions |
|
295 |
|
|
|
41 |
|
|
336 |
|
Operating Profit |
|
2,780 |
|
|
|
139 |
|
|
2,919 |
|
|
|
|
|
|
|
|||||
Other Income and (Expense): |
|
|
|
|
|
|||||
Other pension income (expense) |
|
66 |
|
|
|
— |
|
|
66 |
|
Investment income (expense) and other |
|
65 |
|
|
|
— |
|
|
65 |
|
Interest expense |
|
(191 |
) |
|
|
— |
|
|
(191 |
) |
Total Other Income (Expense) |
|
(60 |
) |
|
|
— |
|
|
(60 |
) |
|
|
|
|
|
|
|||||
Income Before Income Taxes |
|
2,720 |
|
|
|
139 |
|
|
2,859 |
|
Income Tax Expense |
|
639 |
|
|
|
33 |
|
|
672 |
|
Net Income |
$ |
2,081 |
|
|
$ |
106 |
|
$ |
2,187 |
|
|
|
|
|
|
|
|||||
Basic Earnings Per Share |
$ |
2.42 |
|
|
$ |
0.12 |
|
$ |
2.54 |
|
|
|
|
|
|
|
|||||
Diluted Earnings Per Share |
$ |
2.42 |
|
|
$ |
0.12 |
|
$ |
2.54 |
|
|
|
|
|
|
|
|||||
(1) Reflects other employee benefits costs of |
Reconciliation of GAAP and Non-GAAP Income Statement Items (in millions, except per share data): |
|||||||||||
|
|||||||||||
Six Months Ended June 30, 2023 |
|||||||||||
|
|
|
|
|
|
||||||
|
As Reported
|
|
Transformation
|
|
As Adjusted
|
||||||
|
$ |
26,315 |
|
|
$ |
101 |
|
|
$ |
26,214 |
|
International Package |
|
7,247 |
|
|
|
(3 |
) |
|
|
7,250 |
|
Supply Chain Solutions |
|
6,097 |
|
|
|
52 |
|
|
|
6,045 |
|
Operating Expense |
|
39,659 |
|
|
|
150 |
|
|
|
39,509 |
|
|
|
|
|
|
|
||||||
|
|
3,068 |
|
|
|
101 |
|
|
|
3,169 |
|
International Package |
|
1,711 |
|
|
|
(3 |
) |
|
|
1,708 |
|
Supply Chain Solutions |
|
542 |
|
|
|
52 |
|
|
|
594 |
|
Operating Profit |
|
5,321 |
|
|
|
150 |
|
|
|
5,471 |
|
|
|
|
|
|
|
||||||
Other Income and (Expense): |
|
|
|
|
|
||||||
Other pension income (expense) |
|
132 |
|
|
|
— |
|
|
|
132 |
|
Investment income (expense) and other |
|
168 |
|
|
|
— |
|
|
|
168 |
|
Interest expense |
|
(379 |
) |
|
|
— |
|
|
|
(379 |
) |
Total Other Income (Expense) |
|
(79 |
) |
|
|
— |
|
|
|
(79 |
) |
|
|
|
|
|
|
||||||
Income Before Income Taxes |
|
5,242 |
|
|
|
150 |
|
|
|
5,392 |
|
Income Tax Expense |
|
1,266 |
|
|
|
35 |
|
|
|
1,301 |
|
Net Income |
$ |
3,976 |
|
|
$ |
115 |
|
|
$ |
4,091 |
|
|
|
|
|
|
|
||||||
Basic Earnings Per Share |
$ |
4.62 |
|
|
$ |
0.13 |
|
|
$ |
4.75 |
|
|
|
|
|
|
|
||||||
Diluted Earnings Per Share |
$ |
4.61 |
|
|
$ |
0.13 |
|
|
$ |
4.74 |
|
|
|
|
|
|
|
||||||
(1) Reflects a goodwill impairment charge of |
Reconciliation of Currency Adjusted Revenue, Revenue Per Piece, and Adjusted Operating Profit (in millions, except per piece data) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended June 30, |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
2023 As Reported (GAAP) |
|
2022 As Reported (GAAP) |
|
% Change (GAAP) |
|
Currency Impact |
|
2023 Currency Neutral (Non-GAAP)(1) |
|
% Change (Non-GAAP) |
||||||
Average Revenue Per Piece: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
International Package: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Domestic |
|
$ |
7.67 |
|
$ |
7.61 |
|
0.8 |
% |
|
$ |
0.10 |
|
$ |
7.77 |
|
2.1 |
% |
Export |
|
|
33.70 |
|
|
36.91 |
|
(8.7 |
)% |
|
|
0.23 |
|
|
33.93 |
|
(8.1 |
)% |
Total International Package |
|
$ |
20.91 |
|
$ |
22.17 |
|
(5.7 |
)% |
|
$ |
0.17 |
|
$ |
21.08 |
|
(4.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated |
|
$ |
13.92 |
|
$ |
13.72 |
|
1.5 |
% |
|
$ |
0.03 |
|
$ |
13.95 |
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
$ |
14,396 |
|
$ |
15,459 |
|
(6.9 |
)% |
|
$ |
— |
|
$ |
14,396 |
|
(6.9 |
)% |
International Package |
|
|
4,415 |
|
|
5,073 |
|
(13.0 |
)% |
|
|
34 |
|
|
4,449 |
|
(12.3 |
)% |
Supply Chain Solutions |
|
|
3,244 |
|
|
4,234 |
|
(23.4 |
)% |
|
|
7 |
|
|
3,251 |
|
(23.2 |
)% |
Total revenue |
|
$ |
22,055 |
|
$ |
24,766 |
|
(10.9 |
)% |
|
$ |
41 |
|
$ |
22,096 |
|
(10.8 |
)% |
|
|
2023 As Adjusted (Non-GAAP) |
|
2022 As Adjusted (Non-GAAP) |
|
% Change (Non-GAAP) |
|
Currency Impact |
|
2023 As Adjusted Currency Neutral (Non-GAAP)(1) |
|
% Change (Non-GAAP) |
|||||||
As Adjusted Operating Profit(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
1,681 |
|
$ |
1,855 |
|
(9.4 |
)% |
|
$ |
— |
|
|
$ |
1,681 |
|
(9.4 |
)% |
International Package |
|
|
902 |
|
|
1,204 |
|
(25.1 |
)% |
|
|
32 |
|
|
|
934 |
|
(22.4 |
)% |
Supply Chain Solutions |
|
|
336 |
|
|
517 |
|
(35.0 |
)% |
|
|
(3 |
) |
|
|
333 |
|
(35.6 |
)% |
Total operating profit |
|
$ |
2,919 |
|
$ |
3,576 |
|
(18.4 |
)% |
|
$ |
29 |
|
|
$ |
2,948 |
|
(17.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences. (2) Amounts adjusted for transformation & other. |
Reconciliation of Currency Adjusted Revenue, Revenue Per Piece, and Adjusted Operating Profit (in millions, except per piece data) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Six Months Ended June 30, |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
2023 As Reported (GAAP) |
|
2022 As Reported (GAAP) |
|
% Change (GAAP) |
|
Currency Impact |
|
2023 Currency Neutral (Non-GAAP)(1) |
|
% Change (Non-GAAP) |
||||||
Average Revenue Per Piece: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
International Package: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Domestic |
|
$ |
7.63 |
|
$ |
7.48 |
|
2.0 |
% |
|
$ |
0.32 |
|
$ |
7.95 |
|
6.3 |
% |
Export |
|
|
33.34 |
|
|
35.47 |
|
(6.0 |
)% |
|
|
0.60 |
|
|
33.94 |
|
(4.3 |
)% |
Total International Package |
|
$ |
20.69 |
|
$ |
21.29 |
|
(2.8 |
)% |
|
$ |
0.46 |
|
$ |
21.15 |
|
(0.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated |
|
$ |
13.83 |
|
$ |
13.49 |
|
2.5 |
% |
|
$ |
0.07 |
|
$ |
13.90 |
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
$ |
29,383 |
|
$ |
30,583 |
|
(3.9 |
)% |
|
$ |
— |
|
$ |
29,383 |
|
(3.9 |
)% |
International Package |
|
|
8,958 |
|
|
9,949 |
|
(10.0 |
)% |
|
|
195 |
|
|
9,153 |
|
(8.0 |
)% |
Supply Chain Solutions |
|
|
6,639 |
|
|
8,612 |
|
(22.9 |
)% |
|
|
57 |
|
|
6,696 |
|
(22.2 |
)% |
Total revenue |
|
$ |
44,980 |
|
$ |
49,144 |
|
(8.5 |
)% |
|
$ |
252 |
|
$ |
45,232 |
|
(8.0 |
)% |
|
|
2023 As Adjusted (Non-GAAP) |
|
2022 As Adjusted (Non-GAAP) |
|
% Change (Non-GAAP) |
|
Currency Impact |
|
2023 As Adjusted Currency Neutral (Non-GAAP)(1) |
|
% Change (Non-GAAP) |
|||||||
As Adjusted Operating Profit(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
$ |
3,169 |
|
$ |
3,560 |
|
(11.0 |
)% |
|
$ |
— |
|
|
$ |
3,169 |
|
(11.0 |
)% |
International Package |
|
|
1,708 |
|
|
2,324 |
|
(26.5 |
)% |
|
|
83 |
|
|
|
1,791 |
|
(22.9 |
)% |
Supply Chain Solutions |
|
|
594 |
|
|
998 |
|
(40.5 |
)% |
|
|
(8 |
) |
|
|
586 |
|
(41.3 |
)% |
Total operating profit |
|
$ |
5,471 |
|
$ |
6,882 |
|
(20.5 |
)% |
|
$ |
75 |
|
|
$ |
5,546 |
|
(19.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences. (2) Amounts adjusted for transformation & other. |
Reconciliation of Free Cash Flow (Non-GAAP measure) (in millions): |
||||
|
|
|
||
Six Months Ended June 30, |
||||
|
|
|
2023 |
|
Cash flows from operating activities |
|
$ |
5,594 |
|
Capital expenditures |
|
|
(1,820 |
) |
Proceeds from disposals of property, plant and equipment |
|
|
50 |
|
Other investing activities |
|
|
12 |
|
Free Cash Flow (Non-GAAP measure) |
|
$ |
3,836 |
|
Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure) (in millions): |
|||||
|
|
|
|
||
|
|
|
TTM(1) Ended |
||
|
|
|
June 30, |
||
|
|
|
|
2023 |
|
Net income |
|
|
$ |
10,013 |
|
Add back: |
|
|
|
||
Income tax expense |
|
|
|
2,965 |
|
Interest expense |
|
|
|
738 |
|
Depreciation & amortization |
|
|
|
3,324 |
|
EBITDA |
|
|
$ |
17,040 |
|
Add back (deduct): |
|
|
|
||
Incentive compensation program redesign |
|
|
|
505 |
|
Transformation and other |
|
|
|
232 |
|
Defined benefit plan (gains) and losses |
|
|
|
(1,028 |
) |
Investment income and other pension income |
|
|
|
(1,059 |
) |
Adjusted EBITDA |
|
|
$ |
15,690 |
|
|
|
|
|
||
Debt and finance leases, including current maturities |
|
|
$ |
20,763 |
|
Add back: |
|
|
|
||
Non-current pension and postretirement benefit obligations |
|
|
|
4,635 |
|
Adjusted total debt |
|
|
$ |
25,398 |
|
|
|
|
|
||
Adjusted total debt/Net income |
|
|
|
2.54 |
|
|
|
|
|
||
Adjusted total debt/adjusted EBITDA (Non-GAAP) |
|
|
|
1.62 |
|
(1) Trailing twelve months. |
Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure) (in millions): |
||||
|
|
|
||
|
|
TTM(1) Ended |
||
|
|
June 30, |
||
|
|
|
2023 |
|
Net income |
|
$ |
10,013 |
|
Add back (deduct): |
|
|
||
Income tax expense |
|
|
2,965 |
|
Interest expense |
|
|
738 |
|
Other pension (income) expense |
|
|
(1,754 |
) |
Investment (income) expense and other |
|
|
(333 |
) |
Operating profit |
|
$ |
11,629 |
|
Incentive compensation program redesign |
|
|
505 |
|
Long-lived asset estimated residual value changes |
|
|
76 |
|
Transformation and other |
|
|
232 |
|
Adjusted operating profit |
|
$ |
12,442 |
|
|
|
|
||
Average debt and finance leases, including current maturities |
|
|
20,670 |
|
Average pension and postretirement benefit obligations |
|
|
6,489 |
|
Average shareowners' equity |
|
|
18,174 |
|
Average invested capital |
|
$ |
45,333 |
|
|
|
|
||
Net income to average invested capital |
|
|
22.1 |
% |
|
|
|
||
Adjusted Return on Invested Capital (Non-GAAP) |
|
|
27.4 |
% |
(1) Trailing twelve months. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808539216/en/
UPS Media Relations: 404-828-7123 or pr@ups.com
UPS Investor Relations: 404-828-6059 (option 4) or investor@ups.com
Source: UPS
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