- Consolidated Revenues of $27.0B, Down 2.7% from Last
Year
- Consolidated Operating Margin of 11.8%; Adjusted
Consolidated Operating Margin of 14.1%
- Diluted EPS of $3.96; Adjusted Diluted EPS Up 0.8% Over Last
Year to $3.62
- Declares a Quarterly Dividend of $1.62, a Per Share Increase
of 6.6%, and Authorizes a New $5B Share Repurchase Program,
Replacing the Existing Authorization
UPS (NYSE:UPS) today announced fourth-quarter 2022 consolidated
revenues of $27.0 billion, a 2.7% decrease from the fourth quarter
of 2021. Consolidated operating profit was $3.2 billion, down 17.9%
compared to the fourth quarter of 2021, and down 3.3% on an
adjusted basis. Diluted earnings per share were $3.96 for the
quarter; adjusted diluted earnings per share of $3.62 were 0.8%
above the same period in 2021.
For the fourth quarter of 2022, GAAP results include a net
benefit of $299 million, or $.34 per diluted share, comprised of a
non-cash, after-tax mark-to-market (MTM) pension gain of $782
million, a one-time, non-cash, after-tax charge of $384 million
resulting from accelerated vesting of restricted performance units
in connection with a change in incentive compensation program
design, a non-cash, after-tax charge of $58 million due to a
reduction in the residual value of the company’s MD-11 aircraft and
after-tax transformation and other charges of $41 million.
“I want to thank all UPSers for delivering what matters
throughout the holiday season, including industry-leading service
to our customers for the fifth consecutive year,” said Carol Tomé,
UPS chief executive officer. “For the year, we reached our targeted
consolidated operating margin and return on invested capital goals
one year earlier than originally anticipated. Our results in 2022
demonstrate our strategy is working.”
U.S. Domestic Segment
4Q
2022
Adjusted
4Q
2022
4Q
2021
Adjusted
4Q
2021
Revenue
$18,252 M
$17,697 M
Operating profit
$1,840 M
$2,328 M
$2,103 M
$2,165 M
- Revenue grew 3.1%, driven by a 7.2% increase in revenue per
piece.
- Operating margin was 10.1%; adjusted operating margin was
12.8%.
International Segment
4Q
2022
Adjusted
4Q
2022
4Q
2021
Adjusted
4Q
2021
Revenue
$4,950 M
$5,397 M
Operating profit
$1,020 M
$1,091 M
$1,326 M
$1,331 M
- Revenue decreased 8.3%, driven by an 8.6% reduction in average
daily volume due to lower domestic volume and softness in China
trade lanes.
- Operating margin was 20.6%; adjusted operating margin was
22.0%.
Supply Chain Solutions1
4Q
2022
Adjusted
4Q
2022
4Q
2021
Adjusted
4Q
2021
Revenue
$3,831 M
$4,677 M
Operating profit
$335 M
$403 M
$462 M
$456 M
1 Consists of operating segments that do
not meet the criteria of a reportable segment under ASC Topic 280 –
Segment Reporting.
- Revenue decreased 18.1%, due to volume and market rate declines
in air and ocean freight forwarding, partially offset by growth in
our healthcare business.
- Operating margin was 8.7%; adjusted operating margin was
10.5%.
Full-Year 2022 Consolidated
Results
- Revenue increased 3.1% to $100.3 billion.
- Operating profit of $13.1 billion; adjusted operating profit of
$13.9 billion, up 5.4%.
- Operating margin was 13.0%; adjusted operating margin was
13.8%.
- Diluted EPS totaled $13.20; adjusted diluted EPS were
$12.94.
- Adjusted return on invested capital was 31.3%.
- Cash from operations was $14.1 billion and free cash flow was
$9.0 billion.
In addition, the Company returned $8.6 billion of cash to
shareowners through dividends and share buybacks.
Shareowner Returns
For the 14th consecutive year, the UPS Board of Directors has
approved an increase to the company’s quarterly dividend. UPS will
pay a first-quarter 2023 dividend of $1.62 per share on all
outstanding Class A and Class B shares. The dividend is payable
March 10, 2023 to shareowners of record on February 21, 2023. In
addition, the UPS Board of Directors has approved a new $5 billion
share repurchase authorization, replacing the company’s existing
authorization.
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.
For the full year 2023, UPS expects revenue to be between $97.0
billion and $99.4 billion and consolidated adjusted operating
margin of between 12.8% and 13.6%.
The company is planning 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. The
effective tax rate is expected to be around 23.5%.
* “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
fourth-quarter results with investors and analysts during a
conference call at 8:30 a.m. ET, January 31, 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 filed with 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 $100.3 billion, and provides a broad range of
integrated logistics solutions for customers in more than 220
countries and territories. Focused on its purpose statement,
“Moving our world forward by delivering what matters,” the
company’s more than 500,000 employees embrace a strategy that is
simply stated and powerfully executed: Customer First. People Led.
Innovation Driven. UPS is committed to reducing its impact on the
environment and supporting the communities we serve around the
world. UPS also takes an unwavering stance in support of diversity,
equity and inclusion. More information can be found at www.ups.com,
about.ups.com and www.investors.ups.com.
Forward-Looking
Statements
This release and our 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 on our business and operations, financial
performance and liquidity, our customers and suppliers, and on the
global economy; changes in general economic conditions, in the U.S.
or internationally; industry evolution and significant competition;
changes in our relationships with our significant customers; our
ability to attract and retain qualified employees; increased or
more complex physical or data security requirements, or any data
security breach; strikes, work stoppages or slowdowns by our
employees; results of negotiations and ratifications of labor
contracts; our ability to maintain our brand image and corporate
reputation; disruptions to our information technology
infrastructure; global climate change; interruptions in or impacts
on our business from natural or man-made events or disasters
including terrorist attacks, epidemics or pandemics; exposure to
changing economic, political and social developments in
international markets; our ability to realize the anticipated
benefits from acquisitions, dispositions, joint ventures or
strategic alliances; changing prices of energy, including gasoline,
diesel and jet fuel, or interruptions in supplies of these
commodities; changes in exchange rates or interest rates; our
ability to accurately forecast our future capital investment needs;
significant expenses and funding obligations relating to employee
health, retiree health and/or pension benefits; our ability to
manage insurance and claims expenses; changes in business strategy,
government regulations, or economic or market conditions that may
result in impairments of our assets; potential additional U.S. or
international tax liabilities; increasingly stringent laws and
regulations, including relating to climate change; potential claims
or litigation related to labor and employment, personal injury,
property damage, business practices, environmental liability and
other matters; and other risks discussed in our filings with the
Securities and Exchange Commission from time to time, including our
Annual Report on Form 10-K for the year ended December 31, 2021,
our Quarterly Report on Form 10-Q for the quarter ended March 31,
2022, and subsequently filed reports. You should consider the
limitations on, and risks associated with, forward-looking
statements and not unduly rely on the accuracy of predictions
contained in such forward-looking statements. We do not undertake
any obligation to update forward-looking statements to reflect
events, circumstances, changes in expectations, or the occurrence
of unanticipated events after the date of those statements.
Information, including comparisons to prior periods, may reflect
adjusted results. See the appendix for reconciliations of adjusted
results and other non-GAAP financial measures.
Reconciliation of GAAP and Non-GAAP
Financial Measures
From time to time 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
Currency-neutral revenue, revenue per piece and operating profit
exclude the period over period impact of foreign currency exchange
rate changes and any foreign currency hedging activities. These
measures are calculated by dividing current period reported U.S.
dollar revenue, revenue per piece and operating profit by the
current period average exchange rates to derive current period
local currency revenue, revenue per piece and operating profit. The
derived amounts are then multiplied by the average foreign exchange
rates used to translate the comparable results for each month in
the prior year period (including the impact of any foreign currency
hedging activities). The difference between the current period
reported U.S. dollar revenue, revenue per piece and operating
profit and the derived current period U.S. dollar revenue, revenue
per piece and operating profit is the period over period impact of
foreign currency exchange rates and hedging activities.
Incentive Compensation Program Design Changes
During 2022, we undertook 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 determined to retire six
of our existing MD-11 aircraft from operational use in 2023. In
connection therewith, 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 and Other Charges
Adjusted EBITDA, operating profit, operating margin, income
before income taxes, net income and earnings per share may exclude
the impact of charges related to transformation activities,
goodwill and asset impairments, and divestitures. We believe
excluding the impact of these charges better enables users of our
financial statements to view underlying business performance from
the same perspective as 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 10% corridor (defined as
10% of the greater of the fair value of plan assets or the plan's
projected benefit obligation), as well as gains and losses
resulting from plan curtailments and settlements, for our pension
and postretirement defined benefit plans immediately as part of
Investment income (expense) and other in the statements of
consolidated income. We supplement the presentation of our income
before income taxes, net income and earnings per share with
adjusted measures that exclude the impact of these gains and losses
and the related income tax effects. We believe excluding these
defined benefit plan gains and losses provides important
supplemental information by removing the volatility associated with
plan amendments and short-term changes in market interest rates,
equity values and similar factors.
The deferred income tax effects of pension and postretirement
adjustments are calculated by multiplying the statutory tax rates
applicable in each tax jurisdiction, including the U.S. federal
jurisdiction and various U.S. state and non-U.S. jurisdictions, by
the adjustments.
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
finance receivables and 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 December
31, 2022
As Reported (GAAP)
Pension Adj.(1)
Incentive Compensation Design
Adj. (2)
Aircraft Residual
Value Adj. (3)
Transformation & Other
Adj.(4)
As Adjusted
(Non-GAAP)
U.S. Domestic Package
$
16,412
$
—
$
431
$
25
$
32
$
15,924
International Package
3,930
—
30
51
(10
)
3,859
Supply Chain Solutions
3,496
—
44
—
24
3,428
Operating Expense
23,838
—
505
76
46
23,211
U.S. Domestic Package
$
1,840
$
—
$
431
$
25
$
32
$
2,328
International Package
1,020
—
30
51
(10
)
1,091
Supply Chain Solutions
335
—
44
—
24
403
Operating Profit
3,195
—
505
76
46
3,822
Other Income and (Expense):
Other pension income (expense)
1,325
(1,028
)
—
—
—
297
Investment income (expense) and other
129
—
—
—
—
129
Interest expense
(182
)
—
—
—
—
(182
)
Total Other Income (Expense)
1,272
(1,028
)
—
—
—
244
Income Before Income Taxes
4,467
(1,028
)
505
76
46
4,066
Income Tax Expense
1,014
(246
)
121
18
5
912
Net Income
$
3,453
$
(782
)
$
384
$
58
$
41
$
3,154
Basic Earnings Per Share
$
3.98
$
(0.90
)
$
0.44
$
0.07
$
0.05
$
3.64
Diluted Earnings Per Share
$
3.96
$
(0.90
)
$
0.44
$
0.07
$
0.05
$
3.62
(1) Net mark-to-market gain recognized
outside of a 10% corridor on company-sponsored defined benefit
pension and postretirement plans.
(2) One-time non-cash expense related to
stock-based awards that were accelerated to fully vest at December
31, 2022 in connection with a change in incentive compensation
program design.
(3) One-time non-cash charge reflecting a
reduction in the estimated residual value of fully-depreciated
MD-11 aircraft.
(4) Reflects a reduction to employee
benefits costs of $25 million offset by other costs of $71
million.
Reconciliation of GAAP and
Non-GAAP Income Statement Items
(in millions, except per share
data):
Twelve Months Ended December
31, 2022
As Reported (GAAP)
Pension Adj.(1)
Incentive Compensation Design
Adj. (2)
Aircraft Residual Value Adj.
(3)
Transformation & Other
Adj.(4)
As Adjusted
(Non-GAAP)
U.S. Domestic Package
$
57,212
$
—
$
431
$
25
$
121
$
56,635
International Package
15,372
—
30
51
12
15,279
Supply Chain Solutions
14,660
—
44
—
45
14,571
Operating Expense
87,244
—
505
76
178
86,485
U.S. Domestic Package
$
6,997
$
—
$
431
$
25
$
121
$
7,574
International Package
4,326
—
30
51
12
4,419
Supply Chain Solutions
1,771
—
44
—
45
1,860
Operating Profit
13,094
—
505
76
178
13,853
Other Income and (Expense):
Other pension income (expense)
2,251
(1,061
)
—
—
—
1,190
Investment income (expense) and other
184
—
—
—
—
184
Interest expense
(704
)
—
—
—
—
(704
)
Total Other Income (Expense)
1,731
(1,061
)
—
—
—
670
Income Before Income Taxes
14,825
(1,061
)
505
76
178
14,523
Income Tax Expense
3,277
(255
)
121
18
36
3,197
Net Income
$
11,548
$
(806
)
$
384
$
58
$
142
$
11,326
Basic Earnings Per Share
$
13.26
$
(0.93
)
$
0.44
$
0.07
$
0.16
$
13.00
Diluted Earnings Per Share
$
13.20
$
(0.92
)
$
0.44
$
0.07
$
0.15
$
12.94
(1) Net mark-to-market gain of $1.0
billion recognized outside of a 10% corridor on company-sponsored
defined benefit pension and postretirement plans and $34 million
gain representing the curtailment of benefits for certain Canadian
pension plans.
2) One-time non-cash expense related to
stock-based awards that were accelerated to fully vest at December
31, 2022 in connection with a change in incentive compensation
program design.
(3) One-time non-cash charge reflecting a
reduction in the estimated residual value of fully-depreciated
MD-11 aircraft.
(4) Reflects other employee benefits costs
of $46 million and other costs of $132 million.
Reconciliation of Currency
Adjusted Revenue, Revenue Per Piece,
and As Adjusted Operating
Profit
(in millions, except per piece
data)
Three Months Ended December
31,
2022 As Reported
(GAAP)
2021 As Reported
(GAAP)
% Change (GAAP)
Currency Impact
2022 Currency
Neutral (Non-GAAP)(1)
% Change
(Non-GAAP)
Average Revenue Per Piece:
International Package:
Domestic
$
7.55
$
7.27
3.9
%
$
0.91
$
8.46
16.4
%
Export
32.39
34.03
(4.8
) %
1.74
34.13
0.3
%
Total International Package
$
20.06
$
20.11
(0.2
) %
$
1.34
$
21.40
6.4
%
Consolidated
$
13.04
$
12.40
5.2
%
$
0.17
$
13.21
6.5
%
Revenue:
U.S. Domestic Package
$
18,252
$
17,697
3.1
%
$
—
$
18,252
3.1
%
International Package
4,950
5,397
(8.3
) %
321
5,271
(2.3
) %
Supply Chain Solutions
3,831
4,677
(18.1
) %
81
3,912
(16.4
) %
Total revenue
$
27,033
$
27,771
(2.7
) %
$
402
$
27,435
(1.2
) %
2022 As Adjusted
(Non-GAAP)
2021 As Adjusted
(Non-GAAP)
% Change
(Non-GAAP)
Currency Impact
2022 As Adjusted
Currency Neutral (Non-GAAP)(1)
% Change
(Non-GAAP)
As Adjusted Operating
Profit(2):
U.S. Domestic Package
$
2,328
$
2,165
7.5
%
$
—
$
2,328
7.5
%
International Package
1,091
1,331
(18.0
) %
98
1,189
(10.7
) %
Supply Chain Solutions
403
456
(11.6
) %
(10
)
393
(13.8
) %
Total operating profit
$
3,822
$
3,952
(3.3
) %
$
88
$
3,910
(1.1
) %
(1) Amounts adjusted for period over
period foreign currency exchange rate and hedging differences.
(2) See Non-GAAP schedules for reconciliation of adjustments.
Reconciliation of Currency
Adjusted Revenue, Revenue Per Piece,
and As Adjusted Operating
Profit
(in millions, except per piece
data)
Twelve Months Ended December
31,
2022 As Reported
(GAAP)
2021 As Reported
(GAAP)
% Change (GAAP)
Currency Impact
2022 Currency
Neutral (Non-GAAP)(1)
% Change
(Non-GAAP)
Average Revenue Per Piece:
International Package:
Domestic
$
7.46
$
7.31
2.1
%
$
0.82
$
8.28
13.3
%
Export
34.48
32.83
5.0
%
1.50
35.98
9.6
%
Total International Package
$
20.91
$
19.44
7.6
%
$
1.16
$
22.07
13.5
%
Consolidated
$
13.38
$
12.32
8.6
%
$
0.17
$
13.55
10.0
%
Revenue:
U.S. Domestic Package
$
64,209
$
60,317
6.5
%
$
—
$
64,209
6.5
%
International Package
19,698
19,541
0.8
%
1,060
20,758
6.2
%
Supply Chain Solutions
16,431
17,429
(5.7
) %
272
16,703
(4.2
) %
Total revenue
$
100,338
$
97,287
3.1
%
$
1,332
$
101,670
4.5
%
2022 As Adjusted
(Non-GAAP)
2021 As Adjusted
(Non-GAAP)
% Change
(Non-GAAP)
Currency Impact
2022 As Adjusted
Currency Neutral (Non-GAAP)(1)
% Change
(Non-GAAP)
As Adjusted Operating
Profit(2):
U.S. Domestic Package
$
7,574
$
6,717
12.8
%
$
—
$
7,574
12.8
%
International Package
4,419
4,720
(6.4
) %
268
4,687
(0.7
) %
Supply Chain Solutions
1,860
1,707
9.0
%
(35
)
1,825
6.9
%
Total operating profit
$
13,853
$
13,144
5.4
%
$
233
$
14,086
7.2
%
(1) Amounts adjusted for period over
period foreign currency exchange rate and hedging differences.
(2) See Non-GAAP schedules for
reconciliation of adjustments.
Reconciliation of Free Cash
Flow (Non-GAAP measure)
(in millions):
Twelve Months Ended December
31,
2022
Cash flows from operating activities
$
14,104
Capital expenditures
(4,769
)
Proceeds from disposals of property, plant
and equipment
12
Net change in finance receivables
24
Other investing activities
(333
)
Free Cash Flow (Non-GAAP)
$
9,038
Reconciliation of Adjusted
Debt to Adjusted EBITDA (Non-GAAP measure)
(in millions):
TTM(1) Ended
December 31,
2022
Net income
$
11,548
Add back:
Income tax expense
3,277
Interest expense
704
Depreciation & amortization
3,188
EBITDA
$
18,717
Add back (deduct):
Incentive compensation program
redesign
505
Transformation and other
178
Defined benefit plan (gains) and
losses
(1,061
)
Investment income and other pension
income
(1,374
)
Adjusted EBITDA
$
16,965
Debt and finance leases, including current
maturities
$
19,662
Add back:
Non-current pension and postretirement
benefit obligations
4,807
Adjusted total debt
$
24,469
Adjusted total debt/Net Income
2.12
Adjusted total debt/adjusted EBITDA
(Non-GAAP)
1.44
(1) Trailing twelve months
Reconciliation of Adjusted
Return on Invested Capital (Non-GAAP measure)
(in millions):
TTM(1) Ended
December 31,
2022
Net income
$
11,548
Add back (deduct):
Income tax expense
3,277
Interest expense
704
Other pension (income) expense
(2,251
)
Investment (income) expense and other
(184
)
Operating profit
$
13,094
Incentive compensation program
redesign
505
Long-lived asset estimated residual value
changes
76
Transformation and other
178
Adjusted operating profit
$
13,853
Average debt and finance leases, including
current maturities
$
20,789
Average pension and postretirement benefit
obligations
6,427
Average shareowners' equity
17,036
Average invested capital
$
44,252
Net income to average invested capital
26.1
%
Adjusted Return on Invested Capital
(Non-GAAP)
31.3
%
(1) Trailing twelve months
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230131005292/en/
UPS Media Relations: 404-828-7123 or pr@ups.com UPS Investor
Relations: 404-828-6059 (option 4) or investor@ups.com
United Parcel Service (NYSE:UPS)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
United Parcel Service (NYSE:UPS)
Historical Stock Chart
Von Apr 2023 bis Apr 2024