UPS 公布 2019 年第三季度盈利789

美国佐治亚州，亚特兰大

经营利润增长超过 20%，所有业务的利润率均有扩张

• 3Q19 EPS of $2.01, Up More Than 16%; Adjusted* EPS Up 13.7% to $2.07
• U.S. Daily Volume Grew Above 9%; Next Day Air Volume Jumped Nearly 24%
• U.S. Operating Profit Rose Over 28%; Grew Nearly 26% on an Adjusted Basis
• Positive Operating Leverage in U.S. Driven by Lower Unit Cost
• International Operating Profit Up 24.4%; and 20.3% on an Adjusted Basis
• Supply Chain and Freight Operating Margin of 7.3%; Adjusted Margin of 7.6%
• Reaffirms 2019 Adjusted EPS and Raises Adjusted FCF Target to Over $4.0B

UPS (NYSE:UPS) today announced third-quarter 2019 adjusted earnings per share of $2.07, a 13.7% increase over the same period last year. The company delivered strong operating profit growth of more than 20%, led by the U.S. Domestic and International segments. U.S. Domestic performed exceptionally well year-over-year, with volume gains across all products.

“Our results reflect significant progress from our transformation initiatives, and our ability to generate growth and deliver increased efficiencies in a dynamic economic environment,” said David Abney, UPS chairman and CEO. “As we recently announced, we continue to forge new partnerships and create innovative solutions to accelerate growth in the most attractive opportunities.”

Transformation strategy costs are excluded from adjusted results. Adjusted third-quarter 2019  results exclude a pre-tax transformation charge of $63 million, or $0.06 per diluted share after tax.  Adjusted third-quarter 2018 results excluded a pre-tax transformation charge of $97 million, or $0.09 per share after tax.  

* “Adjusted” and amounts presented in this release are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial metrics, including a reconciliation to the most closely correlated GAAP measure.

For the total company in 3Q 2019:

• Consolidated revenue increased 5% to $18.3 billion, driven by strong average daily volume growth in the U.S.    
• Total operating profit growth was very strong at more than 23%, and 20.1% on an adjusted basis, led by the U.S. Domestic and International segments.
• Total operating margin expanded 170 basis points**; adjusted operating margin expanded 150 basis points.
• Adjusted capital expenditures for the year are approximately $4.5 billion to support network enhancements.
• Year-to-date cash from operations was $5.7 billion and adjusted free cash flow grew to $3.2 billion.
• Dividends per share increased 5.5%, and the company repurchased 7 million shares for approximately $753 million year-to-date.

美国国内业务

In the U.S. Domestic segment, total volume across all products grew more than 9%.  Next Day Air increased nearly 24%; Deferred Air grew more than 17%; and Ground volume rose nearly 7%.  Growth came from both B2C and B2B shippers, led by the retail, healthcare and high-tech sectors.

“The investments we are making in new facilities and automation in our network, coupled with solid execution of our strategies, are producing strong results, including strong, positive operating leverage,” said Abney.  “We see significant near-term benefits to both top- and bottom-line results in the U.S. and continued momentum into the future.”

• Revenue grew more than $1 billion, a nearly 10% increase.
• Operating profit increased 28.1%, and nearly 26% on an adjusted basis.
• Operating margin was 10.6%; adjusted operating margin expanded 130 basis points.
• Unit costs were lower by 2.7%; on an adjusted basis, down 2.5%, contributing to positive operating leverage.  

国际业务

The International segment reported strong operating profit and expanded operating margin. The company’s performance is the result of a number of items in the quarter, including strong cost control, good execution and targeted domestic and export growth.

• International saw export volume growth on intra-European trade lanes and virtually all Asia trade lanes except Asia-U.S.
• International domestic revenue per piece fell less than 1%, but grew 2.3% when adjusting for currency.
• Operating profit increased more than 24%, or by 20.3% on an adjusted basis.
• Industry-leading operating margin remained strong at 19.1%; adjusted operating margin expanded 320 basis points**.

• **One basis point equals one-hundredth of a percentage point.

供应链和货运业务

The Supply Chain and Freight segment’s performance was driven by small and medium-sized customers that generate higher-quality revenue, as well as cost management actions throughout the network.

• Operating margin expanded to 7.3%, and to 7.6% on an adjusted basis.
• Logistics revenue increased more than 7% from growth in the healthcare, retail and manufacturing sectors.
• UPS Freight produced an increase in revenue per LTL (less-than-truckload) hundredweight of nearly 4%, driven by its focus on small and medium-sized businesses.
• The Forwarding unit adjusted costs and partially offset the negative revenue impact of trade uncertainty.

展望

公司可在调整后的 (非 GAAP) 基础上提供指南，原因是无法预测或提供关于反映未来目标市场养老金、其他非常规活动的影响，这些指南可能在报告 (GAAP) 结果范围内，且可能是以材料的形式。

“UPS delivered solid performance for the third quarter,” said Brian Newman, UPS’s chief financial officer. “Positive impacts from our transformation initiatives are visible in our results as we continue to improve network efficiencies and create new solutions that will open more growth opportunities well into the future.”

• The company reaffirms full-year adjusted diluted EPS in the range of $7.45 to $7.75.
• Guidance assumes no further deterioration regarding global trade uncertainty or U.S. industrial weakness.
• Adjusted free cash flow for the year is projected to be over $4.0 billion.
• Capital investments have been reduced in both 2019 and 2020 by about $500 million each year. Network automation targets and other transformation goals remain unchanged.
• The effective tax rate for the full year 2019 is estimated to be between 22% and 23%.
• Transformation charges are not included in the adjusted guidance.

**One basis point equals one-hundredth of a percentage point.

视频会议信息

UPS CEO David Abney, CFO Brian Newman and former CFO Richard Peretz will discuss third-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, 2019 年 10 月 22 日.  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 Webcast.”其他财务信息包括公布在“财务”下的 www.investors.ups.com 中并作为附件提交给美国证券交易委员会 (SEC) 的目前的 8-K 表格报告的详细财务时间表。

关于 UPS

UPS (纽交所: UPS) 为全球物流领导企业，提供广泛的解决方案，业务范围涵括国际快递及海空运货物运输，通过国际贸易便利化、先进科技的布署，从而更有效率地管理全球商务。UPS 总部设在美国亚特兰大市，服务范围遍及全球 220 多个国家和地区。UPS 获评《新闻周刊》杂志“运输货运”服务类别美国最佳客户服务公司和《福布斯》杂志运输业最具价值品牌，在 JUST 100 榜单社会责任类别中位列前茅，还受到道琼斯可持续发展世界指数、哈里斯民意调查声誉商数 (RQ®) 等其他声誉卓著的排名和奖项的肯定。The company can be found on the web at ups.com or pressroom.ups.com and its corporate blog can be found at ups.com/longitudes The company’s sustainability eNewsletter, UPS Horizons, can be found at ups.com/sustainabilitynewsletter. 如欲直接了解 UPS 最新消息，请在 Twitter 上关注 @UPS_News。若要使用 UPS 寄件，请访问 ups.com/ship。

前瞻性陈述

Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic direction, prospects and future results, involve certain risks and uncertainties.

Certain factors may cause actual results to differ materially from those contemplated by the forward-looking statements, including changes in economic and other conditions in the markets in which we operate, governmental regulations (including tax laws and regulations), our competitive environment, the facts or assumptions underlying our health and pension benefit funding obligations, the results of negotiation and ratification of labor contracts, the impact of any strikes, work stoppages or slowdowns, changes in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company's Form 10-K and other filings with the Securities and Exchange Commission, which discussions are incorporated herein by reference.

GAAP 与非 GAAP 财务指标调节

We supplement the reporting of our financial information determined under generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures, including, as applicable, "as adjusted" operating profit, operating margin, other income (expense), pre-tax income, net income and earnings per share. 此外，我们还会定期揭露自由现金流量、不含自提退休金的自由现金流量，以及含资本性租赁下长期债务偿还本金的资本支出。依据 GAAP 认定的同等指标也称为“公告”或“调整前”。

We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Examples of items for which we may make adjustments include but are not limited to: amounts related to mark-to-market gains or losses (non-cash); settlement of contingencies; gains or losses associated with mergers, acquisitions, divestitures and other structural changes; charges related to restructuring programs such as the implementation of our Transformation strategy; asset impairments (non-cash); amounts related to changes in tax regulations or positions; amounts related to changes in foreign currency exchange rates and the impact of any hedging activities; other pension and postretirement related items; and debt modifications.

We believe that these non-GAAP measures provide additional meaningful information to assist users of our financial statements in understanding our financial results, cash flows and assessing our ongoing performance because they exclude items that may not be indicative of, or are unrelated to, our underlying operations and may provide a useful baseline for analyzing trends in our underlying businesses. Management uses these non-GAAP financial measures in making financial, operating and planning decisions. We also use certain of these measures for the determination of incentive compensation awards.

非 GAAP 财务指标应该作为我们依据 GAAP 备制的公告结果的补充物，而非替代物。非 GAAP 财务信息不代表综合会计基础。因此，我们的非 GAAP 财务信息与其他公司报告的类似标题指标并不相当。

与改组计划相关的成本；转型策略成本

We supplement the presentation of our operating profit, operating margin, pre-tax income, net income and earnings per share with similar non-GAAP measures that exclude the impact of costs related to restructuring programs, including Transformation strategy costs.  We believe this adjusted information provides a useful comparison of year-to-year financial performance without considering the short-term impact of restructuring costs. 我们以调整为基础，对业绩进行评估。

对外币汇率变动和对冲交易的影响

We supplement the reporting of our revenue, revenue per piece and operating profit with non-GAAP measures that exclude the period-over-period impact of foreign currency exchange rate changes and hedging activities. 我们相信货币中性营收、每件营收以及营业利润可供财务报表使用者了解公司产品与业绩的增长趋势。We evaluate the performance of our International Package and Supply Chain and Freight segments on this currency-neutral basis.

货币中立营收、每件营收及营业利益将分别以当期公告美元营收、每件营收及营业利益除以当期平均汇率来计算，以取得当期的当地货币营收、每件营收和营业利益。所得出的金额再乘以用于转换上一年度每个月相比结果的平均外币汇率（在同期比较下外币对冲交易的影响）。当期公告美元营收、每件营收及营业利益与所得出的当期美元营收、每件营收及营业利益之间的差额即为货币波动在同期比较下的影响。

自由现金流量和调整后资本支出

We supplement the reporting of cash flows from operating activities with free cash flow, free cash flow excluding discretionary pension contributions and free cash flow plus principal repayments of capital lease obligations, non-GAAP liquidity measures. We believe these free cash flow measures are important indicators of how much cash is generated by regular business operations and we use them as a measure of incremental cash available to invest in our business, meet our debt obligations and return cash to shareowners. Additionally, we believe that adjusting capital expenditures for principal repayments of capital lease obligations more appropriately reflects the overall cash that we have invested in capital assets.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. 排除自提退休金的自由现金流量，再加回在此期间提拨的任何自提退休金。