UPS 2019년 4분기 수익 발표

조지아주 애틀란타

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.

* “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.

미국 국내 시장

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.”

• 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.  

국제 시장

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.

• 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.

공급망 및 중량 화물 부문

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.

• 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.

전망

UPS는 향후 시가 평가 연금 조정 또는 기타 예상치 못한 사건의 영향을 반영하는 조정을 예측 또는 제공하는 것이 불가능하므로 조정된 (비 GAAP) 기준에 대한 지침을 제공하며, 이는 보고된 (GAAP) 실적에 포함되고 중요한 내용일 수 있습니다.

“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.

전화 회의 정보

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, 2020년 1월 30일.  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.” 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

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 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, 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. 또한, UPS는 잉여 현금 흐름, 재량적 연금 기여금을 제외한 잉여 현금 흐름, 자본 리스 채무의 원금 변제를 포함한 자본적 지출을 주기적으로 공개합니다. 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.

외화 환율 및 헤징 활동 변동의 영향

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. 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.

법적 우발 사태와 관련된 비용 및 경비

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. UPS는 이 조정된 기준으로 성과를 평가합니다.

구조조정 프로그램과 관련된 비용, 혁신 전략 비용

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. UPS는 이 조정된 기준으로 성과를 평가합니다.

시가 평가 연금과 퇴직 급여 조정

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).

이러한 시가 평가 연금 및 퇴직 급여 조정의 이연 소득세 효과는 미국 연방 관할권 및 미국의 여러 주 및 비 미국 관할권을 포함하는 각 조세관할권에 해당하는 법정 세율을 조정액에 곱하여 계산됩니다. The blended average of the applicable statutory tax rates in 2019 and 2018 was 23.9% and 24.0%, respectively.

잉여 현금 흐름과 조정된 자본 지출

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