UPS 公佈 2019 年第四季度收益

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佐治亞州亞特蘭大

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

 

2019 年第四季度

Adjusted
4Q 2019

 

4Q 2018

Adjusted
4Q 2018

收益

$20,568 M

 

$19,848 M

 

Net Income/Loss

($106 M)

$1,840 M

$453 M

$1,690 M

Diluted Earnings/Loss Per Share

($0.12)

$2.11

$0.52

$1.94

* “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.

美國本土市場

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.”

 

 

2019 年第四季度

Adjusted
4Q 2019

 

4Q 2018

Adjusted
4Q 2018

收益

134.08 億美元

 

$12,575 M

 

營業利潤

10.74 億美元

$ 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.  

國際市場

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.

 

 

2019 年第四季度

Adjusted
4Q 2019

 

4Q 2018

Adjusted
4Q 2018

收益

37.62 億美元

 

$3,829 M

 

營業利潤

7.99 億美元

$ 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.

供應鏈與貨運市場

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.

 

 

2019 年第四季度

Adjusted
4Q 2019

 

4Q 2018

Adjusted
4Q 2018

收益

33.98 億美元

 

$3,444 M

 

營業利潤

2.60 億美元

$ 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.

展望

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.

電話會議資訊

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, 2020 年 1 月 30 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.”其他財務資訊包含在 www.investors.ups.com 上「財務」部分中 公佈的詳細財務明細表中,內容與我們作為 8-K 表上「當前報告」之附表而提交給 SEC 的內容一致。

關於 UPS

UPS (NYSE: UPS) 於全球物流業具領導地位,提供包括包裹和貨物運輸在內的多元化解決方案,並積極促進國際貿易,善用先進技術提高商業管理的效率。總部位於亞特蘭大的 UPS 為全球超過 220 個國家和地區提供服務。UPS 因其託運與派送服務而獲得《新聞週刊》雜誌授予的美國最佳客戶服務獎;《福布斯》雜誌的最有價值運輸品牌;並因社會責任躋身公平 100 企業榜單、道瓊斯可持續發展全球指數,以及 Harris Poll「聲譽商數」排名,還有其他顯赫的排名與獎項。查閱詳細公司資料請瀏覽 ups.compressroom.ups.com ,閱讀公司博客請瀏覽 ups.com/longitudes ,查閱公司的可持續發展電子快訊 UPS Horizons 請瀏覽 ups.com/sustainabilitynewsletter。如要直接獲取 UPS 新聞,可於 Twitter 追蹤 @UPS_News。若要用 UPS 進行託運,請瀏覽ups.com/ship

預測性陳述

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 和非 GAAP 財務指標調節

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. 此外,我們還定期披露自由現金流,自由現金流不包括可自由支配的退休金繳款,以及包括資本租賃負債的本金償還在內的資本支出。根據 GAAP 確定的對等指標也指代「已報告的」或「未調整的」指標。

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.

我們相信,這些非 GAAP 指標提供了更多有意義的資訊,以協助我們財務報表之用戶理解我們的財務業績和現金流量及評估我們的持續業績,因為它們排除了可能無法表明或與我們的基本營運無關之項目,並可能是分析我們基本業務趨勢的有用基線。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 財務指標應視為我們根據 GAAP 編制的報告結果的補充,而不是更替。我們的非 GAAP 財務資訊不代表全面的會計基礎。因此,我們的非 GAAP 財務資訊可能無法與其他公司所報告的類似提法的指標作比較。

外幣匯率變化和套期保值活動之影響

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.

貨幣中立收入、每件收入及營業利潤的計算方式是:用當期報告的美元收益、每件收益及營業利潤除以當期平均匯率,以得出當期本國貨幣收益、每件收益及營業利潤。然後用所得出的金額乘以用來轉化去年同期每個月的可比較結果之平均外匯匯率(包括外幣套期保值活動的逐期影響)。當期報告的美元收益、每件收益及營業利潤和所得出的當期美元收益、每件收益及營業利潤之間的差異為幣值波動的逐期影響。

與法律或有事項和費用相關的成本

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 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. 我們會在調整後的基礎上評估我們的業績。

重組計劃相關成本;轉型策略成本

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. 我們會在調整後的基礎上評估我們的業績。

隨行就市式退休金和退休後調整

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).

這些隨行就市的退休金和退休後調整的遞延所得稅影響,是通過將調整適用於每個稅收管轄區(包括美國聯邦管轄區以及美國各州管轄區和非美國管轄區)適用的法定稅率而算得。The blended average of the applicable statutory tax rates in 2019 and 2018 was 23.9% and 24.0%, respectively.

自由現金流和調整後的資本支出

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. 自由現金流(不包括可自由支配的退休金繳款)加回在此期間作出的任何可自由支配的退休金繳款。

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