UPS publica ganancias del T4 2019

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Atlanta, Georgia

Execution, Strategies and Investments Drive Continued Gains and Uniquely Position UPS for Future Success

  • 4Q19 Operating Profit Growth and Margin Expansion in All Segments
  • 4Q19 Positive Operating Leverage Driven by Lower Unit Cost in the U.S.
  • 4Q19 Diluted EPS of ($0.12); Adjusted* Diluted 4Q19 EPS Up 8.8% to $2.11
  • 4Q19 U.S. Daily Volume Grew Nearly 9%; Next Day Air Volume Up Nearly 26%
  • 2019 Cash from Operations of $8.6B; Adjusted Free Cash Flow Topped $4.1B
  • Announces Full-Year 2020 Adjusted EPS Guidance Range of $7.76 to $8.06
  • Speeding up time-in-transit and broadening weekend services in 2020 to capture profitable growth from Small- and Medium-sized Businesses (SMB)

UPS (NYSE:UPS) today announced fourth-quarter 2019 adjusted earnings per share of $2.11, an 8.8% increase over the same period last year.  The company’s results highlight the strong volume growth in the U.S. Domestic segment and the impact of successful execution from all segments.

“Our network improvements from transformation enabled UPS to embrace a surge in demand for air products while at the same time generate productivity improvements and positive operating leverage,” said David Abney, UPS chairman and CEO.  “Looking to 2020, we will continue to adapt to the changing environment, strengthen our network and create new solutions to support our strategic growth initiatives and help our customers grow and compete.”

In the fourth quarter of 2019, the company incurred a non-cash, after-tax mark-to-market (MTM) pension charge of $1.8 billion, an after-tax transformation charge of $39 million, and U.S. Domestic after-tax legal contingency and expense charges of $91 million, predominantly related to the New York cigarette case.  The total impact to EPS was $2.23 per diluted share.  MTM pension charges of $1.42 per diluted share were included in the company’s fourth-quarter GAAP results in the prior-year period.

Consolidated Results


T4 2019

4Q 2019


4Q 2018

4Q 2018


$20,568 M


$19,848 M


Net Income/Loss

($106 M)

$1,840 M

$453 M

$1,690 M

Diluted Earnings/Loss Per Share





* “Adjusted” 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 4Q 2019:

  • Average daily volume levels exceeded 26.6 million packages, an increase of 7.5%, driven by high demand for air services in the U.S.
  • Consolidated revenue increased 3.6% to $20.6 billion, due to strong average daily volume growth during the peak holiday season.    
  • Operating profit grew 6.4%, and 13.7% on an adjusted basis, with margin improvement across all segments.

Segmento nacional de EE. UU.

The U.S. Domestic segment benefited from several transformation initiatives, including increased automated capacity and new aircraft added to the global air fleet, which positioned UPS to handle volume growth in each month of the quarter.  Total volume across all products grew nearly 9%.  Growth was driven by the structural shift to faster delivery in retail and  e-commerce, and from competitive wins.  UPS experienced growth from a number of large and SMB customers, with the growth led by UPS’s largest customer, Amazon.

“We processed record volume during the quarter as customers took full advantage of the capabilities of our integrated network and broad portfolio of solutions,” said Abney.  “Given the tremendous opportunities ahead, we have elected to implement SMB initiatives now to speed up our network and broaden our weekend operations, actions that will improve our competitiveness and generate growth.”



T4 2019

4Q 2019


4Q 2018

4Q 2018


13 408 millones de dólares


$12,575 M


Ganancias operativas

1074 millones de dólares

$ 1,207 M

$999 M

$999 M

  • Revenue grew $833 million, a more than 6.5% increase, with growth across all products.
  • Operating profit increased 7.5%, up over 20% on an adjusted basis.
  • Operating margin was 8%; adjusted operating margin expanded 110 basis points.
  • Unit costs declined 2.1%; on an adjusted basis down 3.2%, contributing to the third consecutive quarter of positive operating leverage.  

Segmento internacional

The International segment delivered higher profit and expanded operating margin, adapting well to the dynamic macro environment.  Strong execution, cost management and a strategic focus on market and e-commerce opportunities enabled the solid performance for the quarter.



T4 2019

4Q 2019


4Q 2018

4Q 2018


3762 millones de dólares


$3,829 M


Ganancias operativas

799 millones de dólares

$ 809 M

$781 M

$781 M

  • Export volume was down slightly as gains on intra-Europe, intra-Asia and U.S. export trade lanes did not fully offset the declines into and out of the U.K. and on the Asia-U.S. lane.
  • Operating profit increased more than 2%, and by 3.6% on an adjusted basis.
  • Industry-leading operating margin remained strong at 21.2%; adjusted operating margin expanded 110 basis points.

Cadena de suministro y segmento de carga

Supply Chain and Freight produced strong profit growth in the quarter.  The segment also expanded operating margins driven by disciplined cost management actions and continued focus on growing its SMB customer base.



T4 2019

4Q 2019


4Q 2018

4Q 2018


3398 millones de dólares


$3,444 M


Ganancias operativas

260 millones de dólares

$ 262 M

$224 M

$224 M

  • Operating profit increased more than 16%, and by 17% on an adjusted basis.
  • Logistics, Marken and UPS Freight delivered revenue growth.
  • Logistics and Marken grew profits by double digits, which helped offset softer conditions in Forwarding and truckload brokerage.
  • UPS Freight produced an increase in revenue per LTL (less-than-truckload) hundredweight of 2.5%, driven by its focus on SMBs.

Full-year 2019 Consolidated Results

  • UPS’s transformation investments generated higher total revenue, operating profit growth and margin expansion in all segments.
  • Full-year 2019 diluted EPS totaled $5.11; adjusted diluted EPS was $7.53, excluding the impacts of the MTM pension charge, transformation charges and legal contingencies.
  • Total revenue increased to $74 billion, driven by strong volume growth in the U.S.
  • Capital expenditures were $6.4 billion, and on an adjusted basis $6.5 billion, to support network enhancements.
  • Annual adjusted free cash flow exceeded $4.1 billion.
  • Dividends paid were $3.3 billion, a per-share increase of 5.5% over the prior year.
  • The company repurchased more than 9 million shares for approximately $1 billion.


The 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 mark-to-market adjustments or other unanticipated events, which would be included in reported (GAAP) results and could be material.

“UPS managed through several challenges in 2019, including declines in industrial production,” said Brian Newman, UPS’s chief financial officer.  “We were able to leverage the capital investments we have made to grow profits and expand margins, and we are fast-tracking our initiatives in 2020 to better position UPS to capitalize on structural changes in the market and growth opportunities.”

  • Adjusted, diluted earnings per share are expected to be in a range of $7.76 to $8.06, which includes forecasted weakness on the industrial side of the U.S. and global economies as well as spending on SMB initiatives that will significantly increase UPS competitiveness and will be EPS accretive in 2021.
  • The 2020 effective tax rate is expected to be between 22.5 and 23.5 percent.
  • Capital expenditures are planned to be around $6.7 billion, primarily to support global facility and automation expansions. 
  • Cash from operations is expected to be around $10 billion and free cash flow is anticipated to be between $4.3 and $4.7 billion.
  • Transformation charges are excluded from guidance.

Información para la llamada de conferencia

UPS CEO David Abney and CFO Brian Newman will discuss fourth-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, 30 de enero de 2020.  That call will be open to others through a live Webcast.  To access the call, go to and click on “Earnings Webcast.” Se incluye información financiera adicional en los programas financieros detallados que se publican en en la sección “Financials” (Finanzas), según fueron registrados en la SEC como anexo a nuestro Informe Actual sobre el Formulario 8-K.

Acerca de UPS

UPS (NYSE: UPS) es un líder mundial en logística que ofrece una amplia gama de soluciones, incluyendo el transporte de paquetes y carga, la facilitación del comercio internacional y el despliegue de tecnología avanzada para administrar con mayor eficiencia el mundo de los negocios. Con sede en Atlanta, UPS presta servicio a más de 220 países y territorios de todo el mundo. UPS fue galardonada por el Mejor Servicio al Cliente de EE. UU. para servicios de envío y entrega por la revista Newsweek; fue nombrada la marca de transporte más valiosa por la revista Forbes; y alcanzó una posición superior en la lista de responsabilidad social JUST 100, el Índice Mundial de Sostenibilidad Dow Jones y el Harris Poll Reputation Quotient, entre otras prestigiosas clasificaciones y premios. La empresa se encuentra en la web en y, y su blog corporativo se encuentra en El boletín electrónico de sostenibilidad de la empresa, UPS Horizons, se encuentra en Para tener acceso a las noticias de UPS, siga @UPS_News en Twitter. Para hacer envíos con UPS, visite

Declaraciones prospectivas

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.

Conciliación de medidas financieras conformes y no conformes a PCGA

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), income (loss) before income taxes, income tax expense, net income and earnings per share. Además, divulgamos periódicamente el flujo de efectivo libre, el flujo de efectivo libre excluyendo contribuciones discrecionales a las pensiones y gastos de capital, incluidas las amortizaciones de principal de las obligaciones de arrendamiento de capital. Las medidas equivalentes determinadas de acuerdo con PCGA también se denominan “informadas” o “no ajustadas”.

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); recognition 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.

Consideramos que estas medidas no conformes a PCGA proporcionan información adicional significativa para ayudar a los usuarios de nuestros estados contables a comprender nuestros resultados financieros y flujos de efectivo, y a evaluar nuestro desempeño continuo, ya que excluyen ítems que pueden no ser indicativos, o no están relacionados, con nuestras operaciones principales y pueden proporcionar una base de referencia útil para analizar las tendencias en nuestras principales operaciones comerciales. 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.

Las medidas financieras no conformes a PCGA deben considerarse complementarias, y no como alternativa, a nuestros resultados informados, preparados de conformidad con PCGA. Nuestra información financiera no conforme a PCGA no representa una base integral de contabilidad. Por lo tanto, nuestra información financiera no conforme a PCGA puede no ser comparable con medidas de títulos similares informadas por otras empresas.

Impacto de los cambios en las tasas de cambio de divisas extranjeras y las actividades de cobertura del riesgo

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. 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 our International Package and Supply Chain and Freight segments on this currency-neutral basis.

Los ingresos (sin los efectos de la conversión de moneda), ingresos por pieza y ganancias operativas se calculan al dividir los ingresos en dólares informados del periodo actual, los ingresos por pieza y las ganancias operativas por la tasa de cambio promedio del periodo actual para determinar el ingreso en la moneda local del periodo actual, los ingresos por pieza y la ganancia operativa. Las cantidades derivadas luego se multiplican por las tasas de cambio promedio de moneda extranjera para convertir los resultados comparables para cada mes en el periodo del año anterior (incluyendo el impacto periodo tras periodo de las actividades de cobertura del riesgo de moneda extranjera). La diferencia entre los ingresos informados del periodo actual en dólares estadounidenses, los ingresos por pieza y las ganancias operativas, y los ingresos en dólares del periodo actual, los ingresos por pieza y las ganancias operativas constituyen el impacto de las fluctuaciones de la moneda periodo tras periodo.

Costos relacionados con gastos y contingencias legales

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 certain of our legal contingencies and expenses.  We believe this adjusted information provides a useful comparison of year-to-year financial performance without considering the impact of these contingencies and expenses. Evaluamos nuestro rendimiento de esta forma ajustada.

Costos relacionados con los programas de reestructuración; costos de la estrategia de transformación

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. Evaluamos nuestro rendimiento de esta forma ajustada.

Ajustes de pensión y posjubilatorios a valor de mercado

We recognize changes in the fair value of plan assets and net actuarial gains and losses in excess of a 10% corridor for company-sponsored pension and post-retirement obligations immediately as part of net periodic benefit cost other than service cost. We supplement the presentation of our pre-tax income, net income and earnings per share with similar non-GAAP measures that exclude the impact of the portion of net periodic benefit cost other than service cost represented by the gains and losses recognized in excess of the 10% corridor and the related income tax effects. We believe excluding these mark-to-market impacts from our adjusted results provides important supplemental information to remove the volatility caused by short term changes in market interest rates, equity prices, and similar factors.

This adjusted net periodic benefit cost ($754 million in 2019 and $615 million in 2018) is comparable to the accounting for our defined benefit plans in our quarterly reporting under U.S. GAAP, utilizing the expected return on plan assets (7.68% in 2019 and 2018) and the discount rate used to determine net periodic benefit cost (4.45% in 2019 and 3.81% in 2018).  The non-adjusted net periodic benefit cost reflects the actual return on plan assets (17.57% in 2019 and -2.38% in 2018) and the discount rate used to measure the projected benefit obligation at the December 31 measurement date (3.55% in 2019 and 4.45% in 2018).

Los efectos del impuesto a la renta diferido de estos ajustes de pensión y posjubilatorios a valor de mercado se calculan multiplicando los impuestos legales aplicables en cada jurisdicción fiscal, incluida la jurisdicción federal de los Estados Unidos y varias jurisdicciones estadounidenses y no estadounidenses, por los ajustes. The blended average of the applicable statutory tax rates in 2019 and 2018 was 23.9% and 24.0%, respectively.

Flujo de efectivo libre y gastos de capital ajustados

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. El flujo de efectivo libre, excluyendo las contribuciones discrecionales a las pensiones restituye toda contribución discrecional a las pensiones realizada durante el periodo. 

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