UPS 2020년 1분기 수익 발표

조지아주 애틀란타

공급망을 계속 움직이는 UPS 전문성과 유연한 글로벌 네트워크

• 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.

* “Adjusted” amounts presented in this release are non-GAAP financial measures. 필수 조정을 비롯한 비 GAAP 재무 측정치에 대한 논의는 이 발표 자료의 부록을 참고하십시오.

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.

• 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.

국제 시장

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.

• 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%.

공급망 및 중량 화물 부문

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.

• 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.

전망

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.”

전화 회의 정보

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, 2020년 4월 28일. 이 전화 회의는 라이브 웹캐스트를 통해 공개됩니다. 전화 회의에 액세스하려면 www.investors.ups.com 으로 이동하여 "Earnings Webcast"를 클릭하십시오. 추가 재무 정보는 “Financials” 아래에 www.investors.ups.com에 게시되어 있는 재무 세부 일정에 포함되어 있으며 Form 8-K의 임시 보고서에 대한 증거로 SEC에 제출한 것입니다.

UPS 소개

UPS는 세계 최대 규모의 특송 및 공급망 서비스의 글로벌 리더이며, 국제 무역을 촉진하고, 비즈니스를 효율적으로 운영하기 위해 다양한 최신 기술를 겸비한 선도적인 글로벌 교역 전문 기업이다. 애틀랜타에 본사를 둔 UPS는 전 세계 220개 이상의 국가 및 지역에 서비스를 제공하고 있습니다. UPS는 뉴스위크지가 선정한 배송 및 배달 부문 미국 최고의 고객 서비스 회사, 포브스가 선정한 운송 분야의 가장 가치 있는 브랜드를 수상했으며, 사회적 책임을 위한 JUST 100 리스트, 다우 존스의 지속 가능성 세계 지수 및 해리스 폴 평판 지수 등 기타 권위 있는 순위 및 상에서 상위 순위에 올랐습니다. UPS에 관한 자세한 사항은 웹사이트 ups.com 또는 pressroom.ups.com에서 확인할 수 있으며, 기업 블로그는 ups.com/longitudes에서 확인할 수 있습니다. 회사의 지속가능성 eNewsletter인 UPS Horizons는 ups.com/sustainabilitynewsletter에서 확인할 수 있습니다. UPS 소식을 들으시려면 Twitter에서 @UPS_News를 팔로우하세요. UPS 발송 서비스를 이용하시려면 ups.com/ship을 방문해 주세요.

미래 예측 진술

이 공개 문서, 즉 2019년 12월 31일에 마감된 연도의 Form 10-K의 연례 보고서와 기타 주식 거래 위원회(SEC)에 제출한 서류에는 1995년 증권민사소송개혁법의 의미에 들어 있는 “미래 예측 진술”이 포함될 수 있으며 그렇게 지칭됩니다. 현재 또는 역사적 사실 이외의 진술 및 “믿음”, “예측”, “기대”, “추정”, “가정”, “의도”, “예상”, “목표”, “계획” 등의 용어와 그 변형 및 이와 유사한 용어가 있는 모든 진술은 미래 예측 진술로 의도된 것입니다. 미래 예측 진술은 1933년 증권거래법 27A절 및 1934년 증권거래법 21E절에 따른 연방 증권법의 세이프 하버 조항에 따라 만들어진 것입니다.

때때로 UPS는 미래 예측 진술을 다른 공개 자료에 포함시킵니다. 이러한 진술은 UPS의 전략적 방향, 전망, 미래 실적에 대한 UPS의 의도, 믿음, 현재의 기대와 관련될 수 있으며 미래의 사건에 대한 현재의 기대와 예측을 제공할 수 있습니다. 그리고 이러한 내용은 엄밀하게는 역사적 또는 현재의 사실과 관련되지 않습니다. 경영진은 이러한 미래 예측 진술을 작성할 때는 그것이 타당하다고 생각합니다. 하지만, 미래 예측 진술은 작성된 날짜의 현재만 말하기 때문에 미래 예측 진술을 지나치게 신뢰하지 않도록 주의해야 합니다.

미래 예측 진술은 실제 결과가 우리의 과거 경험, 현재의 기대 또는 예상된 결과와 크게 다르게 만들 수 있는 특정 위험과 불확실성의 지배를 받습니다. 대부분 우리가 통제할 수 없는 이러한 위험과 불확실성에는 다음과 같은 것들이 포함되나 그에 국한되지 않습니다. 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. UPS는 법률에 의해 요구되는 경우를 제외하고 사건, 상황, 기대의 변화 또는 이러한 진술일 후에 예기치 않은 사건이 발생한 것을 반영하기 위해 미래 예측 진술을 업데이트할 어떠한 의무도 지지 않습니다.

GAAP 및 비 GAAP 재무 측정치 조정

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. GAAP에 따라 결정된 상응하는 측정치도 "보고된" 또는 "조정되지 않은"으로 지칭합니다.

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.

UPS는 이러한 비 GAAP 측정치가 의미 있는 정보를 추가로 제공하여 사용자가 당사의 재무제표를 통해 재무 실적 및 현금 흐름을 이해하고 지속적 성과를 평가하는 것을 도울 수 있다고 생각합니다. 그 이유는 이러한 측정치에는 기본 운영과는 무관하거나 이를 의미하지 않는 항목이 제외되어 있으며 기본 비즈니스의 추세를 분석하는 데 유용한 기준을 제공할 수 있다고 보기 때문입니다. 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.

비 GAAP 재무 측정치는 GAAP에 따라 준비된 보고 실적을 대체하는 것이 아니며 함께 고려되어야 합니다. 당사의 비 GAAP 재무 정보는 포괄적 회계 기준을 나타내지 않습니다. 따라서 당사의 비 GAAP 재무 정보는 다른 기업에서 유사한 제목으로 발표하는 지표와 유사하지 않을 수 있습니다.

구조조정 프로그램과 관련된 비용, 혁신 전략 비용

비 GAAP 영업 이익, 운영 마진, 세전 수익, 순수익, 주당순이익은 전환 전략 비용을 포함한 구조조정 프로그램과 관련된 비용의 영향을 제외합니다. 이를 통해 구조조정 비용의 단기적인 영향을 고려하지 않고 전년 대비 재무 성과를 비교할 수 있는 유용한 자료를 얻을 수 있습니다. UPS는 이 조정된 기준으로 성과를 평가합니다.

외화 환율 및 헤징 활동 변동의 영향

당사는 통화 중립 수익, 단위당 수익 및 영업 이익 정보를 바탕으로 사용자가 재무제표를 통해 당사 제품 및 실적의 성장 추세를 이해할 수 있다고 생각합니다. We evaluate the performance of our International Package and Supply Chain and Freight segments on this currency-neutral basis.

통화 중립 매출, 개당 매출 및 영업 이익은 현 기간에 보고된 미화 매출, 개당 매출 및 영업 이익을 현 기간의 평균 환율로 나누어 계산하여 현 기간 현지 통화 매출, 개당 매출 및 영업 이익을 도출합니다. 그런 다음, 도출된 금액을 이전 연도(기간별 외환 헤징 활동 영향 포함)의 달별로 비교 가능한 실적을 변환하는 데 사용되는 평균 외환 환율로 곱합니다. 현 기간에 보고된 미화 매출, 개당 매출 및 영업 이익과 도출된 현 기간 미화 매출, 개당 매출 및 영업 이익 간의 차이는 기간별 통화 변동의 영향입니다.

연금 할인율 변동의 영향

비 GAAP 연금 할인율 중립 영업 이익은 연금 서비스 비용에 대한 할인율 변동의 기간별 영향을 제외합니다. 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. 2020년 1월 1일부로, 당사의 현재 부문 영업 이익 평가에 더해 연금 할인율 중립 영업 이익을 사용하여 부문을 평가하기 시작했습니다.

연금 할인율 중립 영업 이익은 UPS가 후원하는 확정 급여 제도에 적용 가능한 전년도 할인율을 활용하여 당기에 고용자 용역에 귀속되는 급여의 가치를 할인하여 계산됩니다. 이렇게 도출된 금액과 당기 보고 용역 비용의 차이는 연금 할인율 변동이 영업 이익에 미치는 기간별 영향입니다.

잉여 현금 흐름과 조정된 자본 지출

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. 재량적 연금 기여금을 제외한 잉여 현금 흐름은 해당 기간 동안의 재량적 연금 기여금을 다시 가산합니다.