UPS Releases 2Q 2024 Earnings
UPS released its Q2 2024 earnings report, showing a 1.1% decrease in consolidated revenues to $21.8 billion compared to Q2 2023. The company's consolidated operating profit fell 30.1% to $1.9 billion, with diluted earnings per share at $1.65. Adjusted diluted EPS of $1.79 was 29.5% below the same period in 2023.
Despite the decline, UPS CEO Carol Tomé highlighted a significant turning point as the company returned to volume growth in the U.S. for the first time in nine quarters. UPS has updated its full-year 2024 financial guidance, expecting consolidated revenue of approximately $93.0 billion and adjusted operating margin of about 9.4%. The company also plans to restart its share repurchase program, targeting $1 billion annually.
UPS ha pubblicato il rapporto sugli utili del secondo trimestre del 2024, evidenziando una decremento dell'1,1% nei ricavi consolidati a 21,8 miliardi di dollari rispetto al secondo trimestre del 2023. Il profitto operativo consolidato dell'azienda è sceso del 30,1% a 1,9 miliardi di dollari, con un utile per azione diluito di 1,65 dollari. L'EPS diluito rettificato di 1,79 dollari è stato inferiore del 29,5% rispetto allo stesso periodo del 2023.
Nonostante il calo, il CEO di UPS, Carol Tomé, ha sottolineato un punto di svolta significativo poiché l'azienda è tornata a crescere in termini di volume negli Stati Uniti per la prima volta in nove trimestri. UPS ha aggiornato le sue previsioni finanziarie per l'intero anno 2024, prevedendo ricavi consolidati di circa 93,0 miliardi di dollari e un margine operativo rettificato di circa il 9,4%. L'azienda intende inoltre riavviare il suo programma di riacquisto di azioni, puntando a 1 miliardo di dollari all'anno.
UPS publicó su informe de ganancias del segundo trimestre de 2024, mostrando una disminución del 1,1% en los ingresos consolidados a 21,8 mil millones de dólares en comparación con el segundo trimestre de 2023. El beneficio operativo consolidado de la compañía cayó un 30,1% a 1,9 mil millones de dólares, con ganancias por acción diluidas de 1,65 dólares. Las ganancias por acción diluidas ajustadas de 1,79 dólares estuvieron por debajo en un 29,5% en comparación con el mismo período de 2023.
A pesar de la disminución, la CEO de UPS, Carol Tomé, destacó un punto de inflexión significativo ya que la compañía regresó al crecimiento de volumen en los EE.UU. por primera vez en nueve trimestres. UPS ha actualizado su guía financiera para todo el año 2024, esperando ingresos consolidados de aproximadamente 93,0 mil millones de dólares y un margen operativo ajustado de aproximadamente el 9,4%. La compañía también planea reiniciar su programa de recompra de acciones, apuntando a 1 mil millones de dólares anuales.
UPS는 2024년 2분기 실적 보고서를 발표했으며, 2023년 2분기 대비 통합 수익이 1.1% 감소한 218억 달러를 기록했습니다. 회사의 통합 운영 이익은 30.1% 감소하여 19억 달러에 도달했으며, 희석 주당 순이익은 1.65달러입니다. 조정된 희석 EPS는 1.79달러로, 2023년 같은 기간보다 29.5% 낮았습니다.
감소에도 불구하고 UPS의 CEO인 Carol Tomé는 회사가 9분기 만에 미국 내 물량 성장으로 돌아갔음을 강조했습니다. UPS는 연간 재무 지침을 업데이트하여, 약 930억 달러의 통합 수익과 약 9.4%의 조정된 운영 마진을 예상하고 있습니다. 회사는 또한 연간 10억 달러를 목표로 주식 매입 프로그램을 재개할 계획입니다.
UPS a publié son rapport sur les résultats du deuxième trimestre 2024, montrant une baisse de 1,1 % des revenus consolidés à 21,8 milliards de dollars par rapport au deuxième trimestre 2023. Le bénéfice d'exploitation consolidé de l'entreprise a chuté de 30,1% à 1,9 milliard de dollars, avec un bénéfice par action dilué de 1,65 dollar. Le BPA dilué ajusté de 1,79 dollar était inférieur de 29,5 % à la même période en 2023.
Malgré ce déclin, la PDG d'UPS, Carol Tomé, a souligné un tournant significatif, car l'entreprise est revenue à la croissance du volume aux États-Unis pour la première fois en neuf trimestres. UPS a mis à jour ses prévisions financières pour l'année 2024, s'attendant à des revenus consolidés d'environ 93,0 milliards de dollars et à une marge opérationnelle ajustée d'environ 9,4 %. L'entreprise prévoit également de relancer son programme de rachat d'actions, visant 1 milliard de dollars par an.
UPS hat seinen Quartalsbericht für das zweite Quartal 2024 veröffentlicht, der einen Rückgang der konsolidierten Einnahmen um 1,1% auf 21,8 Milliarden Dollar im Vergleich zum zweiten Quartal 2023 zeigt. Der konsolidierte Betriebsgewinn des Unternehmens fiel um 30,1% auf 1,9 Milliarden Dollar, wobei der verwässerte Gewinn pro Aktie bei 1,65 Dollar lag. Der bereinigte verwässerte Gewinn pro Aktie von 1,79 Dollar lag um 29,5% unter dem Wert des gleichen Zeitraums 2023.
Trotz des Rückgangs hob UPS-CEO Carol Tomé einen signifikanten Wendepunkt hervor, da das Unternehmen zum ersten Mal seit neun Quartalen in den USA wieder im Volumen gewachsen ist. UPS hat seine Finanzprognosen für das Gesamtjahr 2024 aktualisiert und erwartet konsolidierte Einnahmen von etwa 93,0 Milliarden Dollar sowie eine bereinigte Betriebsmarge von etwa 9,4%. Das Unternehmen plant auch, sein Aktienrückkaufprogramm mit einem Ziel von 1 Milliarde Dollar jährlich wieder aufzunehmen.
- Return to volume growth in the U.S. market after nine quarters of decline
- Restarting share repurchase program, targeting $1 billion annually
- Supply Chain Solutions segment revenue increased 2.6%
- International segment maintained a high adjusted operating margin of 18.9%
- Consolidated revenues decreased 1.1% to $21.8 billion
- Consolidated operating profit down 30.1% compared to Q2 2023
- Adjusted diluted EPS of $1.79, down 29.5% from the same period in 2023
- U.S. Domestic segment revenue decreased 1.9%
- International segment revenue decreased 1.0%
UPS's recent earnings report reveals a mixed bag of outcomes. On the one hand, the decline in revenues and operating profits is concerning. Consolidated revenues decreased by $300 million to $21.8 billion, a 1.1% drop, while operating profits saw a substantial decline of 30.1%. These figures indicate that UPS is struggling with cost management and competitive pressures. Additionally, the EPS drop from $2.54 to $1.65 signals weaker profitability. This is something investors should watch closely, as it impacts shareholder value.
However, there are also positive signals. The company is restarting its share repurchase program, targeting $1 billion annually. This move often indicates management’s confidence in future growth and can provide a cushion for stock prices. The uptick in U.S. volume growth for the first time in nine quarters could be a sign of potential future revenue recovery. Overall, while the current financials are weaker, strategic moves could steer the company towards better performance in the future.
From a market perspective, UPS’s performance highlights several trends. The slight revenue declines in both U.S. and international segments indicate competitive pressure and possible market share erosion. The decrease in revenue per piece and average daily volume are areas of concern that suggest UPS may not be optimizing its pricing strategies or customer acquisition efforts effectively.
On the other hand, the growth in the Supply Chain Solutions segment, particularly in logistics, including healthcare, shows potential diversification and market expansion opportunities. This is essential for long-term sustainability and can buffer against downturns in their core parcel delivery business. Additionally, the updated full-year financial guidance and renewed share buyback program suggest that the company is taking proactive steps to stabilize and grow. For retail investors, this indicates a mixed outlook with both risks and potential rewards on the horizon.
While not directly apparent from the financial data, UPS's performance can also be tied to its technological advancements and operational efficiencies. The company has been investing in automation and digital transformation, which are important for maintaining competitiveness in the logistics industry. The decrease in operating margins and profits might partly be due to these ongoing investments, which could yield significant returns in the long term.
Furthermore, UPS’s commitment to innovation-driven strategies suggests that these investments in technology and infrastructure are designed to enhance efficiency and customer satisfaction. For retail investors, understanding these underlying tech investments can provide a better picture of the company's future growth potential. These investments are critical in an industry that increasingly relies on technology to optimize operations and improve profitability.
-
Consolidated Revenues of
, Compared to$21.8B Last Year$22.1B -
Consolidated Operating Margin of
8.9% ; Adjusted* Consolidated Operating Margin of9.5% -
Diluted EPS of
; Adj. Diluted EPS of$1.65 , Compared to$1.79 Last Year$2.54 -
Updates Full-Year 2024 Financial Guidance; Restarts Share Repurchase Program, Targeting
Annually$1B
For the second quarter of 2024, GAAP results include an after-tax charge of
“I want to thank all UPSers for their hard work and efforts in the second quarter,” said Carol Tomé, UPS chief executive officer. “This quarter was a significant turning point for our company as we returned to volume growth in the
|
2Q 2024 |
Adjusted 2Q 2024 |
2Q 2023 |
Adjusted 2Q 2023 |
Revenue |
|
|
|
|
Operating profit |
|
|
|
|
-
Revenue decreased
1.9% , driven by a2.6% decrease in revenue per piece due primarily to changes in product mix. -
Operating margin was
7.0% ; adjusted operating margin was7.1% .
International Segment
|
2Q 2024 |
Adjusted 2Q 2024 |
2Q 2023 |
Adjusted 2Q 2023 |
Revenue |
|
|
|
|
Operating profit |
|
|
|
|
-
Revenue decreased
1.0% , driven primarily by a2.9% decrease in average daily volume. -
Operating margin was
16.4% ; adjusted operating margin was18.9% .
Supply Chain Solutions1
|
2Q 2024 |
Adjusted 2Q 2024 |
2Q 2023 |
Adjusted 2Q 2023 |
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 increased
2.6% due primarily to growth in logistics, including healthcare. -
Operating margin was
7.1% ; adjusted operating margin was7.3% .
2024 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.
For 2024, UPS updates its full-year, consolidated financial targets**:
-
Consolidated revenue expected to be approximately
$93.0 billion -
Consolidated adjusted operating margin expected to be approximately
9.4% -
Capital expenditures of approximately
$4.0 billion -
Targeting around
in share repurchases$500 million
* “Adjusted” or “Adj.” 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. |
**Excludes the impacts of pending disposition of Coyote and announced acquisition. |
Conference Call Information
UPS CEO Carol Tomé and CFO Brian Dykes will discuss second-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, July 23, 2024. 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 2023 revenue of
Forward-Looking Statements
This release, our Annual Report on Form 10-K for the year ended December 31, 2023 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: 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.
One-Time Payment for International Regulatory Matter
In the second quarter of 2024, we made a one-time payment of
Transformation and Other Costs, and Asset Impairment 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, asset impairments and other 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.
One-Time Compensation Payment
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 a one-time payment made to certain
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, one-time compensation, goodwill & asset impairment charges, transformation and other costs, a one-time international regulatory matter, 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.
Adjusted Cost per Piece
We evaluate the efficiency of our operations using various metrics, including adjusted cost per piece. Adjusted cost per piece is calculated as adjusted operating expenses in a period divided by total volume for that period. Because adjusted operating expenses exclude costs or charges that we do not consider a part of underlying business performance when monitoring and evaluating the operating performance of our business units, making decisions to allocate resources or in determining incentive compensation awards, we believe this is the appropriate metric on which to base reviews and evaluations of the efficiency of our operational performance.
Reconciliation of GAAP and Non-GAAP Income Statement Items (in millions, except per share data): |
|||||||||||||
|
|||||||||||||
Three Months Ended June 30, 2024 |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
As Reported
|
|
One-Time Int'l Regulatory
|
|
Transformation &
|
|
As Adjusted
|
||||||
|
$ |
13,130 |
|
|
$ |
— |
|
$ |
8 |
|
$ |
13,122 |
|
International Package |
|
3,652 |
|
|
|
88 |
|
|
18 |
|
|
3,546 |
|
Supply Chain Solutions |
|
3,092 |
|
|
|
— |
|
|
6 |
|
|
3,086 |
|
Operating Expense |
|
19,874 |
|
|
|
88 |
|
|
32 |
|
|
19,754 |
|
|
|
|
|
|
|
|
|
||||||
|
|
989 |
|
|
|
— |
|
|
8 |
|
|
997 |
|
International Package |
|
718 |
|
|
|
88 |
|
|
18 |
|
|
824 |
|
Supply Chain Solutions |
|
237 |
|
|
|
— |
|
|
6 |
|
|
243 |
|
Operating Profit |
|
1,944 |
|
|
|
88 |
|
|
32 |
|
|
2,064 |
|
|
|
|
|
|
|
|
|
||||||
Other Income and (Expense): |
|
|
|
|
|
|
|
||||||
Other pension income (expense) |
|
67 |
|
|
|
— |
|
|
— |
|
|
67 |
|
Investment income (expense) and other |
|
70 |
|
|
|
— |
|
|
— |
|
|
70 |
|
Interest expense |
|
(212 |
) |
|
|
6 |
|
|
— |
|
|
(206 |
) |
Total Other Income (Expense) |
|
(75 |
) |
|
|
6 |
|
|
— |
|
|
(69 |
) |
|
|
|
|
|
|
|
|
||||||
Income Before Income Taxes |
|
1,869 |
|
|
|
94 |
|
|
32 |
|
|
1,995 |
|
Income Tax Expense |
|
460 |
|
|
|
— |
|
|
6 |
|
|
466 |
|
Net Income |
$ |
1,409 |
|
|
$ |
94 |
|
$ |
26 |
|
$ |
1,529 |
|
|
|
|
|
|
|
|
|
||||||
Basic Earnings Per Share |
$ |
1.65 |
|
|
$ |
0.11 |
|
$ |
0.03 |
|
$ |
1.79 |
|
|
|
|
|
|
|
|
|
||||||
Diluted Earnings Per Share |
$ |
1.65 |
|
|
$ |
0.11 |
|
$ |
0.03 |
|
$ |
1.79 |
|
|
|
|
|
|
|
|
|
(1) Reflects a one-time payment for an international regulatory matter and related interest of |
(2) 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, 2024 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
As Reported
|
|
One-Time Int'l
|
|
Asset
|
|
Transformation &
|
|
As Adjusted
|
|||||||
|
$ |
26,539 |
|
|
$ |
— |
|
$ |
5 |
|
$ |
17 |
|
$ |
26,517 |
|
International Package |
|
7,252 |
|
|
|
88 |
|
|
2 |
|
|
42 |
|
|
7,120 |
|
Supply Chain Solutions |
|
6,176 |
|
|
|
— |
|
|
41 |
|
|
59 |
|
|
6,076 |
|
Operating Expense |
|
39,967 |
|
|
|
88 |
|
|
48 |
|
|
118 |
|
|
39,713 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
1,814 |
|
|
|
— |
|
|
5 |
|
|
17 |
|
|
1,836 |
|
International Package |
|
1,374 |
|
|
|
88 |
|
|
2 |
|
|
42 |
|
|
1,506 |
|
Supply Chain Solutions |
|
369 |
|
|
|
— |
|
|
41 |
|
|
59 |
|
|
469 |
|
Operating Profit |
|
3,557 |
|
|
|
88 |
|
|
48 |
|
|
118 |
|
|
3,811 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other Income and (Expense): |
|
|
|
|
|
|
|
|
|
|||||||
Other pension income (expense) |
|
134 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
134 |
|
Investment income (expense) and other |
|
121 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
121 |
|
Interest expense |
|
(407 |
) |
|
|
6 |
|
|
— |
|
|
— |
|
|
(401 |
) |
Total Other Income (Expense) |
|
(152 |
) |
|
|
6 |
|
|
— |
|
|
— |
|
|
(146 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||
Income Before Income Taxes |
|
3,405 |
|
|
|
94 |
|
|
48 |
|
|
118 |
|
|
3,665 |
|
Income Tax Expense |
|
883 |
|
|
|
— |
|
|
13 |
|
|
17 |
|
|
913 |
|
Net Income |
$ |
2,522 |
|
|
$ |
94 |
|
$ |
35 |
|
$ |
101 |
|
$ |
2,752 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic Earnings Per Share |
$ |
2.95 |
|
|
$ |
0.11 |
|
$ |
0.04 |
|
$ |
0.11 |
|
$ |
3.21 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted Earnings Per Share |
$ |
2.94 |
|
|
$ |
0.11 |
|
$ |
0.04 |
|
$ |
0.12 |
|
$ |
3.21 |
|
|
|
|
|
|
|
|
|
|
|
(1) Reflects a one-time payment for an international regulatory matter and related interest of |
(2) Reflects impairment charges of |
(3) Reflects other employee benefits costs of |
|
|
Reconciliation of Free Cash Flow (Non-GAAP measure) (in millions): |
||||
|
|
|
||
Six Months Ended June 30, |
||||
|
|
2024 |
||
Cash flows from operating activities |
|
$ |
5,309 |
|
Capital expenditures |
|
|
(1,968 |
) |
Proceeds from disposals of property, plant and equipment |
|
|
28 |
|
Other investing activities |
|
|
(4 |
) |
Free Cash Flow (Non-GAAP measure) |
|
$ |
3,365 |
|
Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure) (in millions): |
|||||
|
|
|
|
||
|
|
|
TTM(1) Ended |
||
|
|
|
June 30, |
||
|
|
|
2024 |
||
Net income |
|
|
$ |
5,254 |
|
Add back: |
|
|
|
||
Income tax expense |
|
|
|
1,482 |
|
Interest expense |
|
|
|
815 |
|
Depreciation & amortization |
|
|
|
3,489 |
|
EBITDA |
|
|
|
11,040 |
|
Add back (deduct): |
|
|
|
||
Incentive compensation program redesign |
|
|
|
— |
|
One-time compensation |
|
|
|
61 |
|
Asset impairment charges |
|
|
|
276 |
|
Transformation and other |
|
|
|
411 |
|
Defined benefit plan (gains) and losses |
|
|
|
359 |
|
Investment income and other pension income |
|
|
|
(533 |
) |
One-time international regulatory matter |
|
|
|
88 |
|
Adjusted EBITDA |
|
|
$ |
11,702 |
|
|
|
|
|
||
Debt and finance leases, including current maturities |
|
|
$ |
22,205 |
|
Add back: |
|
|
|
||
Non-current pension and postretirement benefit obligations |
|
|
|
6,449 |
|
Adjusted total debt |
|
|
$ |
28,654 |
|
|
|
|
|
||
Adjusted total debt/Net income |
|
|
|
5.45 |
|
|
|
|
|
||
Adjusted total debt/adjusted EBITDA (Non-GAAP) |
|
|
|
2.45 |
|
|
|
|
|
(1) Trailing twelve months. |
Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure) (in millions): |
||||
|
|
|
||
|
|
TTM(1) Ended |
||
|
|
June 30, |
||
|
|
2024 |
||
Net income |
|
$ |
5,254 |
|
Add back (deduct): |
|
|
||
Income tax expense |
|
|
1,482 |
|
Interest expense |
|
|
815 |
|
Other pension (income) expense |
|
|
93 |
|
Investment (income) expense and other |
|
|
(267 |
) |
Operating profit |
|
$ |
7,377 |
|
Incentive compensation program redesign |
|
|
— |
|
Long-lived asset estimated residual value changes |
|
|
— |
|
One-time compensation |
|
|
61 |
|
Asset impairment charges |
|
|
276 |
|
Transformation and other |
|
|
411 |
|
One-time international regulatory matter |
|
|
88 |
|
Adjusted operating profit |
|
$ |
8,213 |
|
|
|
|
||
Average debt and finance leases, including current maturities |
|
$ |
21,484 |
|
Average pension and postretirement benefit obligations |
|
|
5,542 |
|
Average shareowners' equity |
|
|
18,545 |
|
Average invested capital |
|
$ |
45,571 |
|
|
|
|
||
Net income to average invested capital |
|
|
11.5 |
% |
|
|
|||
Adjusted Return on Invested Capital (Non-GAAP) |
|
|
18.0 |
% |
(1) Trailing twelve months. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723590067/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
FAQ
What were UPS's (NYSE:UPS) Q2 2024 earnings results?
How did UPS's (NYSE:UPS) U.S. Domestic segment perform in Q2 2024?
What is UPS's (NYSE:UPS) updated financial guidance for 2024?