UPSは2019年第3四半期の決算を発表 789

ジョージア州アトランタ

営業利益は20%以上増加し、すべてのセグメントで利益率が上昇

• 3Q19 EPS of $2.01, Up More Than 16%; Adjusted* EPS Up 13.7% to $2.07
• U.S. Daily Volume Grew Above 9%; Next Day Air Volume Jumped Nearly 24%
• U.S. Operating Profit Rose Over 28%; Grew Nearly 26% on an Adjusted Basis
• Positive Operating Leverage in U.S. Driven by Lower Unit Cost
• International Operating Profit Up 24.4%; and 20.3% on an Adjusted Basis
• Supply Chain and Freight Operating Margin of 7.3%; Adjusted Margin of 7.6%
• Reaffirms 2019 Adjusted EPS and Raises Adjusted FCF Target to Over $4.0B

UPS (NYSE:UPS) today announced third-quarter 2019 adjusted earnings per share of $2.07, a 13.7% increase over the same period last year. The company delivered strong operating profit growth of more than 20%, led by the U.S. Domestic and International segments. U.S. Domestic performed exceptionally well year-over-year, with volume gains across all products.

“Our results reflect significant progress from our transformation initiatives, and our ability to generate growth and deliver increased efficiencies in a dynamic economic environment,” said David Abney, UPS chairman and CEO. “As we recently announced, we continue to forge new partnerships and create innovative solutions to accelerate growth in the most attractive opportunities.”

Transformation strategy costs are excluded from adjusted results. Adjusted third-quarter 2019  results exclude a pre-tax transformation charge of $63 million, or $0.06 per diluted share after tax.  Adjusted third-quarter 2018 results excluded a pre-tax transformation charge of $97 million, or $0.09 per share after tax.  

* “Adjusted” and 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 3Q 2019:

• Consolidated revenue increased 5% to $18.3 billion, driven by strong average daily volume growth in the U.S.    
• Total operating profit growth was very strong at more than 23%, and 20.1% on an adjusted basis, led by the U.S. Domestic and International segments.
• Total operating margin expanded 170 basis points**; adjusted operating margin expanded 150 basis points.
• Adjusted capital expenditures for the year are approximately $4.5 billion to support network enhancements.
• Year-to-date cash from operations was $5.7 billion and adjusted free cash flow grew to $3.2 billion.
• Dividends per share increased 5.5%, and the company repurchased 7 million shares for approximately $753 million year-to-date.

米国国内部門

In the U.S. Domestic segment, total volume across all products grew more than 9%.  Next Day Air increased nearly 24%; Deferred Air grew more than 17%; and Ground volume rose nearly 7%.  Growth came from both B2C and B2B shippers, led by the retail, healthcare and high-tech sectors.

“The investments we are making in new facilities and automation in our network, coupled with solid execution of our strategies, are producing strong results, including strong, positive operating leverage,” said Abney.  “We see significant near-term benefits to both top- and bottom-line results in the U.S. and continued momentum into the future.”

• Revenue grew more than $1 billion, a nearly 10% increase.
• Operating profit increased 28.1%, and nearly 26% on an adjusted basis.
• Operating margin was 10.6%; adjusted operating margin expanded 130 basis points.
• Unit costs were lower by 2.7%; on an adjusted basis, down 2.5%, contributing to positive operating leverage.  

国際部門

The International segment reported strong operating profit and expanded operating margin. The company’s performance is the result of a number of items in the quarter, including strong cost control, good execution and targeted domestic and export growth.

• International saw export volume growth on intra-European trade lanes and virtually all Asia trade lanes except Asia-U.S.
• International domestic revenue per piece fell less than 1%, but grew 2.3% when adjusting for currency.
• Operating profit increased more than 24%, or by 20.3% on an adjusted basis.
• Industry-leading operating margin remained strong at 19.1%; adjusted operating margin expanded 320 basis points**.

• **One basis point equals one-hundredth of a percentage point.

サプライチェーンとフレート部門

The Supply Chain and Freight segment’s performance was driven by small and medium-sized customers that generate higher-quality revenue, as well as cost management actions throughout the network.

• Operating margin expanded to 7.3%, and to 7.6% on an adjusted basis.
• Logistics revenue increased more than 7% from growth in the healthcare, retail and manufacturing sectors.
• UPS Freight produced an increase in revenue per LTL (less-than-truckload) hundredweight of nearly 4%, driven by its focus on small and medium-sized businesses.
• The Forwarding unit adjusted costs and partially offset the negative revenue impact of trade uncertainty.

概要

会社は、調整後（非GAAP）ベースでガイダンスを提供しており、これは、将来年金の時価調整やその他の想定外の事象による影響を反映した調整を予想または提供するのは不可能であり、これは計上されている（GAAP）結果に含まれ、重要なものとなる可能性があることによります。

“UPS delivered solid performance for the third quarter,” said Brian Newman, UPS’s chief financial officer. “Positive impacts from our transformation initiatives are visible in our results as we continue to improve network efficiencies and create new solutions that will open more growth opportunities well into the future.”

• The company reaffirms full-year adjusted diluted EPS in the range of $7.45 to $7.75.
• Guidance assumes no further deterioration regarding global trade uncertainty or U.S. industrial weakness.
• Adjusted free cash flow for the year is projected to be over $4.0 billion.
• Capital investments have been reduced in both 2019 and 2020 by about $500 million each year. Network automation targets and other transformation goals remain unchanged.
• The effective tax rate for the full year 2019 is estimated to be between 22% and 23%.
• Transformation charges are not included in the adjusted guidance.

**One basis point equals one-hundredth of a percentage point.

カンファレンスコールの情報

UPS CEO David Abney, CFO Brian Newman and former CFO Richard Peretz will discuss third-quarter results with investors and analysts during a conference call at 8:30 a.m. ET, 2019 年 10 月 22 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.”追加の財務情報は、「財務」の下でwww.investors.ups.com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、ニューズウィーク誌の「America's Best Customer Service company for Shipping and Delivery services」、「Forbes Most Valuable Brand in Transportation」、「JJUST 100list for Social Responsibility」、「Dow Jones Sustainability World Index」、「Harris Poll Reputation Quotient」などの権威あるランキングや賞を受賞しています。The company can be found on the web at ups.com or pressroom.ups.com and its corporate blog can be found at ups.com/longitudes The company’s sustainability eNewsletter, UPS Horizons, can be found at ups.com/sustainabilitynewsletter. 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、ups.com/shipをご覧ください。

将来の見通しに関する記述

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の調整および非GAAP財務指標

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), pre-tax income, net income and earnings per share. 加えて、フリーキャッシュフローおよび裁量的年金拠出を除くフリーキャッシュフロー、キャピタルリース負債の元本支払いを含む資本支出を定期的に開示します。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); settlement 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.

We believe that these non-GAAP measures provide additional meaningful information to assist users of our financial statements in understanding our financial results, cash flows and assessing our ongoing performance because they exclude items that may not be indicative of, or are unrelated to, our underlying operations and may provide a useful baseline for analyzing trends in our underlying businesses. 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財務指標は、GAAPに従って準備され計上された結果に取って代わるものであってはならず、追加されるべきものです。非GAAP財務情報は、会計の包括的基礎を示すものではありません。従って、当社の非GAAP財務情報は、その他企業により計上されている類似タイトルの指標とは比較できない場合があります。

リストラプログラムに関連するコスト、変革戦略コスト

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. 当社は、この調整後の指標に基づき業績を評価します。

為替レートの変化とヘッジ活動の影響

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. 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.

通貨中立の収益、1ピース当たりの収益、および営業利益は、米国ドル収益、1ピース当たりの収益および営業利益が計上されている現在期間を、現在期間の平均為替レートで割ることで計算され、現在期間の現地通貨収益、1ピースあたり収益と営業利益を算出します。算出された額に、前年期間における各月の比較可能な結果を解釈するのに使用される平均為替レートを掛けあわせます（外貨ヘッジ活動の期間にわたる影響を含む）。現在期間に計上されている米国ドル収益、1ピースあたり収益と営業利益、並びに、算出された現在期間の米国ドル収益、1ピースあたり収益と営業利益の間の差が、期間にわたる通過変動の影響です。

フリーキャッシュフローと調整後の資本支出

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. 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。