UPS publie les résultats du 4e trimestre 2019

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Atlanta, Géorgie

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


4Q 2019

4Q 2019


T4 2018

4Q 2018


20 568 M USD


19 848 M USD


Net Income/Loss

($106 M)

1 840 M USD

453 M USD

1 690 M USD

Diluted Earnings/Loss Per Share


2,11 USD

0,52 USD

1,94 USD

* “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.

Segment domestique américain

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.”



4Q 2019

4Q 2019


T4 2018

4Q 2018


$13,408 M


12 575 M USD


Résultat d'exploitation

$1,074 M

1 207 M USD

999 M USD

999 M USD

  • 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.  

Segment international

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.



4Q 2019

4Q 2019


T4 2018

4Q 2018


$3,762 M


3 829 M USD


Résultat d'exploitation

$799 M

809 M USD

781 M USD

781 M USD

  • 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.

Segment Chaîne logistique et fret

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.



4Q 2019

4Q 2019


T4 2018

4Q 2018


$3,398 M


3 444 M USD


Résultat d'exploitation

$260 M

262 M USD

224 M USD

224 M USD

  • 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.


La société fournit des conseils sur une base ajustée (non-GAAP), car il n’est pas possible de prédire ou de prévoir un rapprochement reflétant l’impact des ajustements évalués à la valeur du marché des futures retraites ou d’autres événements imprévus, qui devrait être inclus dans les résultats déclarés (GAAP) et pourrait être essentiel.

“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.

Informations sur les conférences téléphoniques

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 janvier 2020.  That call will be open to others through a live Webcast.  To access the call, go to and click on “Earnings Webcast.” Des informations financières supplémentaires sont incluses dans les tableaux financiers détaillés publiés sur sous la rubrique « Financials » et déposés auprès de la SEC en tant que pièce jointe à notre rapport actuel sur le formulaire 8-K.

À propos d’UPS

UPS (NYSE:UPS) est un leader mondial de la logistique, offrant un large éventail de solutions, notamment pour le transport de colis et de marchandises, la facilitation du commerce international et le déploiement de technologies avancées pour gérer plus efficacement le monde des affaires. Basée à Atlanta, UPS dessert plus de 220 pays et territoires dans le monde entier. UPS a reçu le prix Meilleur service à la clientèle d’Amérique pour ses services d’expédition et de livraison, décerné par le magazine Newsweek ; la Marque ayant le plus de valeur dans le secteur du transport, selon Forbes ; et un classement parmi les meilleurs de la liste JUST 100 pour la responsabilité sociale, le Dow Jones Sustainability World Index et le Harris Poll Reputation Quotient, entre autres classements et prix prestigieux. L’entreprise est présente sur le Web à l’adresse ou et dispose d’un blog d’entreprise à l’adresse Le bulletin électronique de la société sur le développement durable, UPS Horizons, peut être consulté à l’adresse Pour obtenir directement des nouvelles d’UPS, suivez @UPS_News sur Twitter. Pour expédier avec UPS, rendez-vous sur

Déclarations prospectives

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.

Rapprochement des mesures financières GAAP et non-GAAP

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. En outre, nous publions périodiquement les flux de trésorerie disponibles, les flux de trésorerie disponibles à l’exclusion des contributions discrétionnaires aux régimes de retraite et les dépenses d’investissement, y compris les remboursements du capital des obligations de location-acquisition. Les mesures équivalentes déterminées conformément aux GAAP sont également qualifiées de « rapportées » ou « non ajustées ».

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.

Nous pensons que ces mesures non GAAP fournissent des informations supplémentaires significatives pour aider les utilisateurs de nos états financiers à comprendre nos résultats financiers et nos flux de trésorerie et à évaluer notre performance continue, car elles excluent des éléments qui peuvent ne pas être indicatifs de nos opérations sous-jacentes ou qui n’y sont pas liés et peuvent fournir une base de référence utile pour analyser les tendances de nos activités sous-jacentes. 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.

Les mesures financières non conformes aux GAAP doivent être considérées en complément, et non en remplacement, de nos résultats présentés conformément aux GAAP. Nos informations financières non GAAP ne constituent pas une base comptable complète. Par conséquent, nos informations financières non GAAP peuvent ne pas être comparables à des mesures portant un titre similaire et présentées par d’autres sociétés.

Impact lié aux changements de taux de change des devises étrangères et aux activités de couverture

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. Nous pensons que les informations relatives au chiffre d'affaires non affecté par le risque de change, au chiffre d'affaires unitaire et au résultat d'exploitation permettent aux utilisateurs de nos états financiers de comprendre les tendances de notre croissance en matière de produits et de résultats. We evaluate the performance of our International Package and Supply Chain and Freight segments on this currency-neutral basis.

Les recettes, les recettes par pièce et le bénéfice d’exploitation sont calculés en divisant les recettes en dollars américains, les recettes par pièce et le bénéfice d’exploitation de la période en cours par les taux de change moyens de la période en cours pour obtenir les recettes, les recettes par pièce et le bénéfice d’exploitation en monnaie locale de la période en cours. Les montants obtenus sont ensuite multipliés par les taux de change moyens utilisés pour convertir les résultats comparables pour chaque mois de la période de l’année précédente (y compris l’impact des activités de couverture de change sur la période). La différence entre le chiffre d’affaires, le chiffre d’affaires par pièce et le bénéfice d’exploitation de la période en cours déclarés en dollars américains et le chiffre d’affaires, le chiffre d’affaires par pièce et le bénéfice d’exploitation de la période en cours dérivés correspond à l’impact des fluctuations des devises d’une période à l’autre.

Coûts liés aux éventualités et aux frais juridiques

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. Nous évaluons notre performance sur cette base ajustée.

Coûts liés aux programmes de restructuration ; coûts de la stratégie de transformation

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. Nous évaluons notre performance sur cette base ajustée.

Ajustements concomitants et postérieurs à la prise de retraite évalués à la valeur du marché

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).

Les effets de l’impôt sur le revenu différé de ces ajustements concomitants et postérieurs à la prise de retraite évalués à la valeur du marché sont calculés en multipliant les taux d’imposition prévus par la loi applicable dans chaque administration fiscale, y compris la compétence fédérale des États-Unis et d’autres types de juridictions à l’intérieur et à l’extérieur des États-Unis, par les ajustements. The blended average of the applicable statutory tax rates in 2019 and 2018 was 23.9% and 24.0%, respectively.

Flux de trésorerie disponible et dépenses d’investissement ajustées

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. Le flux de trésorerie disponible, à l’exclusion des cotisations de retraite discrétionnaires, ajoute les cotisations de retraite discrétionnaires versées au cours de la période. 

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