UPS pubblica gli utili del primo trimestre 2020

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Atlanta, Georgia

La competenza e la rete globale flessibile di UPS mantengono in movimento le catene logistiche

  • Focused on the Health and Safety of Employees and the Public
  • Supported Customers with Near Record On-Time Service
  • COVID-19 Weighed on First-Quarter Results
  • Cash from Operations of $2.6B; Adjusted* Free Cash Flow of $1.6B
  • UPS Liquidity and Financial Condition Remain Strong

UPS (NYSE:UPS) today announced first-quarter 2020 diluted earnings per share of $1.11 and adjusted diluted earnings per share of $1.15.  The company’s results were adversely affected by the disruption to customers from the global coronavirus pandemic. 

UPS has been designated by governments around the world as a Critical Infrastructure Business and continues to operate in all major countries, while adhering to additional regulatory requirements. In the U.S., the company is also front and center in leading the pandemic logistics response for the Federal Emergency Management Agency (FEMA) and other federal and state government agencies. As a logistics leader, UPS is supporting FEMA and its Project Airbridge by managing charter flights around the globe. UPS has delivered several million pounds of Personal Protective Equipment for FEMA into dedicated UPS distribution space. In addition, as part of FEMA’s Project Airbridge and other healthcare-related missions, in April the company increased the number of flights by over 200 to transport critical life-saving cargo to the U.S. and Europe.

“I want to thank all 495,000 UPSers for their extraordinary efforts to leverage the full power of our global network in the fight against the coronavirus pandemic, keeping critical goods moving for businesses and consumers globally,” said David Abney, UPS chairman and CEO. “The world is counting on UPS more than ever before as we support the people on the front lines of this crisis and our customers with speed, ingenuity and reliability.”

In the first quarter of 2020, the company incurred a pre-tax transformation charge of $45 million, or $0.04 per share after tax. First-quarter 2019 adjusted results excluded a pre-tax charge of $123 million, or $0.11 per share after tax, from transformation-related charges.


Consolidated Results


1° trimestre 2020

1Q 2020


1° trimestre 2019

1Q 2019


18.035 mio di dollari


17.160 mio di dollari


Net Income

965 mio di dollari

1.000 mio di dollari

1.111 mio di dollari

1.204 milioni di dollari (USD)

Diluted Earnings Per Share

1,11 $

1,15 $

1,28 $

1,39 $

* “Adjusted” amounts presented in this release are non-GAAP financial measures. Vedere l'appendice a questo comunicato per una discussione sulle misure finanziarie non GAAP, inclusa una riconciliazione con la misura GAAP più strettamente correlata.

For the total company in 1Q 2020:

  • Consolidated revenue increased to $18 billion, driven by growth in business-to-consumer shipments and gains in healthcare.
  • Net income was $965 million; adjusted net income was $1 billion. 
  • Net income included material headwinds due to disruptions from the coronavirus pandemic, higher self-insurance accruals and other items.
  • Adjusted capital expenditures were $939 million to support network enhancements.
  • Dividends per share increased 5.2%, with dividends remaining a high priority for the company.

U.S. Domestic Segment

The progression of stay-at-home restrictions instituted across the country as a result of coronavirus closed businesses and disrupted supply chains, resulting in an unprecedented shift in customer and product mix in the quarter. The company’s automated hubs and other transformation investments generated efficiency gains; however, these benefits did not offset the significant headwinds from the impact the coronavirus pandemic had on UPS customers, coupled with higher self-insurance accruals. UPS continues to adapt its network to the current economic environment while supporting customers and critical government programs.



1° trimestre 2020

1Q 2020


1° trimestre 2019

1Q 2019


$11,456 M


10.480 mio di dollari


Operativo rettificato (adjusted)

$364 M

401 mln di dollari

666 mio di dollari

694 mio di dollari

  • Revenue increased 9.3% and average daily volume was up 8.5%, with growth across all products.
  • Next Day Air average daily volume grew 20.5%, the fourth consecutive quarter of double-digit increases.
  • Revenue per piece decreased less than 1% due to changes in customer and product mix.
  • Commercial deliveries declined while residential deliveries were elevated.
  • Shipment growth in the quarter was driven by large customers.
  • On-time performance across all service levels was near a record high in a dynamic environment.

Segmento Operazioni internazionali

UPS’s International segment generated $551 million in operating profit, or $558 million in operating profit on an adjusted basis, despite weakening global economic activity. The company executed well to contain costs and target customer opportunities as the coronavirus pandemic rapidly spread from Asia to other parts of the world.



1° trimestre 2020

1Q 2020


1° trimestre 2019

1Q 2019


$3,383 M


3.459 mio di dollari


Operativo rettificato (adjusted)

$551 M

558 mln di dollari

528 mio di dollari

612 mio di dollari

  • International average daily volume was down 1.8% with declines in commercial deliveries.
  • China volume primarily rebounded in March as its economic recovery accelerated, offsetting declines in January and February. Healthcare, high-tech and e-commerce sectors were positive contributors.
  • International cost per piece was down 0.5%, primarily due to the impact of currency. Additionally, the significant change in mix was partially offset by network adjustments to align capacity to changing trade patterns.
  • Operating margin was 16.3%; adjusted operating margin remained strong at 16.5%.

Segmento Supply chain e Cargo

Supply Chain and Freight generated operating profit of $157 million, or $158 million in operating profit on an adjusted basis, despite significant economic headwinds from the coronavirus pandemic. Revenue was negatively impacted by widespread reductions in global economic activity. The segment is taking numerous actions to assist customers and improve financial performance as demand recovers, including activating aircraft charters from Asia, expanding customer relationships in the healthcare sector and applying peak surcharges where appropriate.



1° trimestre 2020

1Q 2020


1° trimestre 2019

1Q 2019


$3,196 M


3.221 mio di dollari


Operativo rettificato (adjusted)

$157 M

158 mln di dollari

200 mio di dollari

211 mio di dollari

  • Revenue was down less than 1% due to disciplined focus on growth opportunities and the segment’s broad portfolio of solutions.
  • Toward the end of the quarter, UPS Freight and Coyote experienced depressed volume levels primarily from mandated stay-at-home restrictions and businesses closures.
  • Logistics grew both revenue and operating profit, led by double-digit growth from Marken.
  • Within the Forwarding unit, International Air Freight tonnage rebounded in March generating revenue and profit growth in the quarter.


At this time, UPS is unable to predict the extent of the business impact or the duration of the coronavirus pandemic, or reasonably estimate its operating performance in future quarters. As a result, the company is withdrawing its previously issued 2020 revenue and diluted earnings per share growth guidance. UPS has taken steps to ensure it remains strong and resilient throughout this period, including:

  • The company expects 2020 capital expenditures will be reduced by approximately $1 billion from previous estimates.
  • UPS is suspending share buybacks for 2020, reducing its planned full-year repurchase target by approximately $783 million.

“We will continue to adapt through this challenging period and prioritize investments and operational decisions that put UPS in the best financial position.” said Brian Newman, UPS’s chief financial officer. “We take a disciplined and balanced approach to capital allocation and are confident in our liquidity position including our commitments to capital management and dividends.”

Informazioni sulla teleconferenza

UPS CEO David Abney and CFO Brian Newman will discuss first-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, 28 aprile 2020. Si potrà partecipare alla teleconferenza grazie al webcast in diretta. Per accedere, vai su e fai clic su “Earnings Webcast”. Ulteriori informazioni finanziarie sono incluse nei programmi finanziari dettagliati pubblicati su nella sezione “Dati finanziari” e come presentati alla SEC in allegato al Rapporto corrente sul Modulo 8-K.

Informazioni su UPS

UPS (NYSE: UPS) è un leader globale nella logistica e offre un'ampia gamma di soluzioni tra cui il trasporto pacchi e cargo, la semplificazione del commercio internazionale e l'utilizzo di una tecnologia avanzata per gestire in maniera più efficiente il mondo del business. Dalla sede ad Atlanta, UPS serve oltre 220 Paesi e territori in tutto il mondo. UPS ha ricevuto il riconoscimento come Miglior servizio clienti degli Stati Uniti per i servizi di spedizione e consegna dalla rivista Newsweek; Il marchio più prezioso di Forbes nel settore dei trasporti; le prime posizioni nella classifica JUST 100 per la responsabilità sociale, il Dow Jones Sustainability World Index e Harris Poll Reputation Quotient, oltre a molti altri premi prestigiosi. Per informazioni sulla società, visita i siti web,, il blog aziendale Per accedere alla newsletter aziendale sulla sostenibilità, UPS Horizons, visita il sito Per ricevere direttamente le notizie UPS, segui @UPS_News su Twitter. Per spedire con UPS, visita il sito

Dichiarazioni previsionali

Questa pubblicazione, il nostro Rapporto annuale sul Modulo 10-K per l'anno che si è concluso il 31 dicembre 2019 e le nostre altre registrazioni con la Securities and Exchange Commission (SEC) contengono e fanno riferimento alle “dichiarazioni previsionali” ai sensi del Private Securities Litigation Reform Act del 1995. Dichiarazioni diverse da quelle attuali o storiche, e tutte le dichiarazioni accompagnate da termini quali “credere”, “progetto”, “aspettarsi”, “stimare”, “supporre”, “intendere”, “prevedere”, “obiettivo”, “pianificare”, variazioni degli stessi e termini simili, sono dichiarazioni previsionali. Le dichiarazioni previsionali sono subordinate alle disposizioni Safe Harbor delle leggi federali sui titoli ai sensi della Sezione 27A del Securities Act del 1933 e della Sezione 21E del Securities Exchange Act del 1934.

Di tanto in tanto, includiamo anche dichiarazioni previsionali in altri materiali disponibili al pubblico. Tali dichiarazioni possono riguardare il nostro intento, la nostra convinzione e le nostre attuali aspettative riguardo alla direzione strategica, ai potenziali risultati e ai risultati futuri, e offrire le nostre aspettative o previsioni attuali su eventi futuri; non si riferiscono strettamente a fatti storici o attuali. La direzione ritiene che queste dichiarazioni previsionali siano ragionevoli come e quando sono rilasciate. Tuttavia, è necessario prestare attenzione a non fare affidamento indebito sulle dichiarazioni previsionali, poiché tali dichiarazioni si riferiscono unicamente alla data in cui sono state effettuate.

Le dichiarazioni previsionali sono soggette a determinati rischi e incertezze che potrebbero causare differenze sostanziali tra i risultati effettivi e la nostra esperienza storica, aspettative attuali o risultati previsti. Tali rischi e incertezze, molti dei quali sono al di fuori del nostro controllo, includono, a titolo esemplificativo: changes in general economic conditions, in the U.S. or internationally; significant competition on a local, regional, national and international basis; changes in our relationships with our significant customers; changes in the complex and stringent regulation in the U.S. and internationally (including tax laws and regulations); increased physical or data security requirements that may increase our costs of operations and reduce operating efficiencies; legal, regulatory or market responses to global climate change; results of negotiations and ratifications of labor contracts; strikes, work stoppages or slowdowns by our employees; the effects of changing prices of energy, including gasoline, diesel and jet fuel, and interruptions in supplies of these commodities; changes in exchange rates or interest rates; uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; our ability to maintain the image of our brand; breaches in data security; disruptions to the Internet or our technology infrastructure; interruptions in or impacts on our business from natural or man-made event or disasters including terrorist attacks, epidemics and pandemics; our ability to accurately forecast our future capital investment needs; exposure to changing economic, political and social developments in international and emerging markets; changes in business strategy, government regulations, or economic or market conditions that may result in substantial impairment of our assets; increases in our expenses or funding obligations relating to employee health, retiree health and/or pension benefits; potential additional tax liabilities in the U.S. or internationally; the potential for various claims and litigation related to labor and employment, personal injury, property damage, business practices, environmental liability and other matters; our ability to realize the anticipated benefits from acquisitions, joint ventures or strategic alliances; our ability to realize the anticipated benefits from our transformation initiatives; cyclical and seasonal fluctuations in our operating results; our ability to manage insurance and claims expenses; 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, 2019 and subsequently filed reports. Such risks and uncertainties are currently amplified by and may continue to be amplified by the coronavirus pandemic and the impact it has had, and may continue to have on the global economy and our business, financial position and results of operations. You should consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the accuracy of information contained in such forward-looking statements. Non ci assumiamo alcun obbligo di aggiornare le dichiarazioni previsionali per rispecchiare eventi, circostanze, cambiamenti delle aspettative o eventi imprevisti dopo la data di tali dichiarazioni, salvo quanto richiesto dalla legge.

Riconciliazione tra misure finanziarie GAAP e non GAAP

We supplement the reporting of our financial information determined under generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures, including "adjusted" operating profit, operating margin, other income (expense), income before income taxes, income tax expense, net income and earnings per share. We periodically disclose free cash flow, free cash flow excluding discretionary pension contributions, and capital expenditures including principal repayments of capital lease obligations. Additionally, we supplement the reporting of 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. Alle misure equivalenti determinate in conformità a GAAP si fa riferimento anche con "riportate" o "non rettificate" (unadjusted).

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.

Riteniamo che queste misure non GAAP forniscano informazioni supplementari rilevanti che sono di ausilio agli utilizzatori del nostro bilancio per la comprensione dei nostri risultati finanziari e flussi di cassa e per la valutazione delle performance in corso, affinché escludano elementi che potrebbero non essere indicativi delle nostre operazioni pertinenti o non essere correlati ad esse e potrebbero fornire una base utile per analizzare le tendenze delle nostre attività pertinenti. 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.

Le misure finanziarie non GAAP dovranno essere considerate in aggiunta, non come alternativa, ai nostri risultati registrati, predisposti in conformità ai GAAP. Le nostre informazioni finanziarie non GAAP non rappresentano una base completa della contabilità. Pertanto, le nostre informazioni finanziarie non GAAP potrebbero non essere paragonabili alle misure con denominazione analoga comunicate da altre società.

Costi relativi ai programmi di ristrutturazione; costi della strategia di trasformazione

L'utile operativo non GAAP, il margine operativo, il reddito al lordo delle imposte, l'utile netto e gli utili per azione escludono l'impatto dei costi relativi ai programmi di ristrutturazione, compresi i costi della strategia di trasformazione. Riteniamo che ciò fornisca un utile confronto delle prestazioni finanziarie annuali senza considerare l'impatto a breve termine dei costi di ristrutturazione. Valutiamo la nostra performance in base a questa base rettificata.

Impatto delle variazioni nei tassi di cambio in valuta straniera e attività di copertura

Riteniamo che le informazioni su entrate neutre rispetto alla valuta, entrate unitarie e utile operativo consentano agli utilizzatori del nostro bilancio di comprendere le tendenze di crescita nei nostri prodotti e risultati. We evaluate the performance of our International Package and Supply Chain and Freight segments on this currency-neutral basis.

Le entrate neutre rispetto alla valuta, le entrate unitarie e l'utile operativo sono calcolati dividendo le entrate, le entrate unitarie e l'utile operativo in dollari USA registrati nel periodo corrente per i tassi di cambio medi del periodo corrente, in modo da ottenere le entrate, le entrate unitarie e l'utile operativo in valuta locale del periodo corrente. Gli importi derivati vengono quindi moltiplicati per i tassi di cambio delle valute estere medi utilizzati per tradurre i risultati comparabili per ogni mese nell'esercizio precedente (compreso l'impatto periodo dopo periodo delle attività di copertura delle entrate in valuta estera). La differenza fra le entrate, le entrate unitarie e l'utile operativo in dollari comunicati per il periodo attuale e le entrate, le entrate unitarie e l'utile operativo in dollari del periodo corrente derivati corrisponde all'impatto periodo dopo periodo delle fluttuazioni valutarie.

Impatto delle variazioni nelle aliquote di contribuzione pensionistica

L'utile operativo non GAAP indipendente dalle aliquote di contribuzione pensionistica esclude l'impatto “periodo dopo periodo” del cambio delle variazioni delle aliquote sul costo del servizio pensionistico. We believe this allows users of our financial statements to understand growth trends in our products and results excluding the period over period movement in discount rates. A partire dal 1 gennaio 2020 abbiamo iniziato a valutare i nostri segmenti utilizzando un utile operativo indipendente dalle aliquote di contribuzione pensionistica in aggiunta alla nostra attuale misurazione dell'utile operativo del segmento.

L'utile operativo indipendente dalle aliquote di contribuzione pensionistica è calcolato confrontando il valore dei benefit attribuibili al servizio dei dipendenti nel periodo corrente utilizzando l'aliquota di contribuzione dell'anno precedente applicabile a ciascuno dei piani di benefit definiti dalla società. La differenza tra questo importo derivato e il periodo corrente di servizio riportato è l'impatto “periodo dopo periodo” dei movimenti di cambio delle aliquote di contribuzione pensionistica sul profitto operativo.

Flusso di cassa libero e spese in conto capitale “adjusted”

We believe free cash flow, free cash flow excluding discretionary pension contributions and free cash flow plus principal repayments of capital lease obligations 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. Il flusso di cassa libero, esclusi i contributi pensionistici discrezionali, aggiunge qualsiasi contributo pensionistico discrezionale effettuato durante il periodo. 

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