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  • 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



1Q 2020



1Q 2019






Net Income





Diluted Earnings Per Share





* “Adjusted” amounts presented in this release are non-GAAP financial measures. 最も緊密に関連するGAAPの額の調整を含む、GAAPに準拠しない額についての話題に関しては、このリリースの付録をご覧ください。

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.




1Q 2020



1Q 2019


$11,456 M





$364 M




  • 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.


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.




1Q 2020



1Q 2019


$3,383 M





$551 M




  • 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%.


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.




1Q 2020



1Q 2019


$3,196 M





$157 M




  • 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.”


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, 2020 年 4 月 28 日. この電話は、ライブWebcastを通じて他の人も視聴できます。このコールにアクセスするにはに移動し、「Earnings Webcast」をクリックしてください。追加の財務情報は、「財務」の下でに投稿され、Form 8-Kの当社の最新の報告書の別紙としてSECに提出された、詳細な財務スケジュールに含まれています。

UPS について

UPS (NYSE: UPS) は貨物輸送における世界的なリーダーであり、荷物や貨物の輸送を含む幅広いソリューションを提供し、国際貿易を促進し、そして高度技術を採用することでビジネス界を効率的に管理しています。本社所在地は米国アトランタです。UPSは、Newsweek誌の出荷および配送サービスの全米最高カスタマーサービス賞、Forbesの輸送業界最高価値ブランドを受賞し、社会的責任についてJUST 100リストで1位となり、Dow Jones世界持続可能性指数やHarris PollのReputation Quotient、その他の権威あるランキングや賞の対象となっています。当社については、、またにある会社のブログをご覧ください。当社の持続可能性についての電子ニュースレターのUPS Horizonsについては、をご覧ください。UPSのニュースを直接ご覧いただくには、Twitterにて@UPS_Newsをフォローしてください。UPSで出荷するには、をご覧ください。


本リリースおよび2019 年 12 月 31 日に修了した年のForm 10-Kにある年次報告書、証券取引委員会へのその他の提出物には、1995年私募証券訴訟改革法の意味における「将来予想に関する記述」が含まれ、それを参照しています。現在または過去の事実の記述以外の記述、および「考える」、「予想する」、「予測する」、「推定する」、「想定する」、「意図する」、「見込む」、「目標」、「計画」、およびそれらの変形、同様の用語が付いたすべての記述は、将来予想に関する記述であることを目的としたものです。将来予想に関する記述は、1933年証券法の第27A項および1934年証券取引法の第21E項に従う連邦証券法のセーフハーバー条項に準拠して行われます。


将来予想に関する記述は、過去の経験や現在の予想、想定される結果と大きく異なる結果を実際にもたらす可能性のある特定のリスクおよび不確実性を伴います。こうしたリスクや不確実性の多くは当社が統制できないものであり、次のものを含みますがそれらに限定されません。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. 当社は、法律で必要な場合を除き、事象や状況、予想の変化、または記述の作成日以降の想定外の事象の発生を反映するために、将来の見通しに関する記述を更新する義務を負いません。


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. GAAPに従って決定される同等の指標もまた、「計上される」または「未調整」として参照されます。

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.

これらの非GAAP指標では、当社の財務報告書の利用者が、当社の財務結果とキャッシュフローを理解し、当社の現在進行中の業績を評価するための支援となるべく追加の意味ある情報を提供していると、当社では信じています。というのも、これら非GAAP指標では、当社の基礎となる業務を示さない項目、関係ない項目を除外しているためで、当社の基礎となる業務の傾向を分析するにあたり有意なベースラインを提供できるからです。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.





通貨中立の収益、荷物1個当たりの収益、および営業利益の情報により、当社財務諸表のユーザーが、当社の製品と結果における成長傾向を理解することができるようになると、信じています。We evaluate the performance of our International Package and Supply Chain and Freight segments on this currency-neutral basis.



非GAAP年金割引率の影響を受けない営業利益には、年金費用への割引率変化の前期比での影響は含まれません。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. 2020 年 1 月 1 日から、現在のセグメントの営業利益指標に加え、年金割引率の影響を受けない営業利益を使用して、セグメントの評価を開始しました。



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. 裁量的な年金拠出を除くフリーキャッシュフローは、期間中に行われた裁量的年金拠出に戻されます。

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