UPS Releases 2Q 2022 Earnings
July 27 2022 - 11:00AM
UPS (NYSE:UPS) today announced second-quarter 2022 consolidated
revenues of $24.8 billion, a 5.7% increase over the second quarter
of 2021. Consolidated operating profit was $3.5 billion, up 8.5%
compared to the second quarter of 2021, and up 9.3% on an adjusted
basis. Diluted earnings per share was $3.25 for the quarter;
adjusted diluted earnings per share of $3.29 was 7.5% above the
same period in 2021.
For the second quarter of 2022, GAAP results included after-tax
transformation and other charges of $31 million, or $0.04 per
diluted share.
“I want to thank UPSers around the world for delivering
outstanding service to our customers,” said Carol Tomé, UPS chief
executive officer. “While the external environment is ever
changing, our better not bigger strategic framework has
fundamentally improved nearly every aspect of our business,
enabling greater agility and strong financial performance.”
U.S. Domestic Segment
|
2Q 2022 |
Adjusted2Q 2022 |
2Q 2021 |
Adjusted2Q 2021 |
Revenue |
$15,459 M |
|
$14,402 M |
|
Operating profit |
$1,829 M |
$1,855 M |
$1,567 M |
$1,675 M |
- Revenue grew 7.3%, driven by an 11.9% increase in revenue per
piece.
- Operating margin was 11.8%; adjusted operating margin was
12.0%.
International Segment
|
2Q 2022 |
Adjusted2Q 2022 |
2Q 2021 |
Adjusted2Q 2021 |
Revenue |
$5,073 M |
|
$4,817 M |
|
Operating profit |
$1,193 M |
$1,204 M |
$1,184 M |
$1,190 M |
- Revenue increased 5.3%, driven by a 14.8% increase in revenue
per piece.
- Operating margin was 23.5%; adjusted operating margin was
23.7%.
Supply Chain Solutions1
|
2Q 2022 |
Adjusted2Q 2022 |
2Q 2021 |
Adjusted2Q 2021 |
Revenue |
$4,234 M |
|
$4,205 M |
|
Operating profit |
$513 M |
$517 M |
$507 M |
$408 M |
1 Consists of operating segments that do not meet the criteria
of a reportable segment under ASC Topic 280 – Segment
Reporting.
- Revenue increased 0.7%, led by Forwarding and our healthcare
business.
- Operating margin was 12.1%; adjusted operating margin was
12.2%.
2022 OutlookThe company provides 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 2022, UPS reaffirms its full-year financial targets:
- Consolidated revenue of about $102 billion
- Consolidated adjusted operating margin of approximately
13.7%
- Adjusted return on invested capital above 30%
- Capital expenditures of 5.4% of revenue, or approximately $5.5
billion
- Dividend payments, subject to board approval, of about $5.2
billion
Finally, UPS is raising the amount of targeted share repurchases
for 2022, taking the target to $3 billion for the year.
* “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.
Contacts:UPS Media Relations: 404-828-7123 or pr@ups.comUPS
Investor Relations: 404-828-6059 (option 4) or investor@ups.com
Louis Payette UPS Canada lpayette@argylepr.com +16472951075
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