UPS publica resultados do primeiro trimestre de 2020

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Atlanta, Geórgia

Experiência da UPS e rede global flexível mantêm cadeias de suprimentos em movimento

  • 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

 

1ºT 2020

Adjusted
1Q 2020

 

1Q 2019

Adjusted
1Q 2019

Receita

$18,035 M

 

$17,160 M

 

Net Income

$965 M

$1,000 M

$1,111 M

$1,204 M

Diluted Earnings Per Share

$1.11

$1.15

$1.28

$1.39

* “Adjusted” amounts presented in this release are non-GAAP financial measures. Consulte o apêndice deste comunicado para ler uma explicação sobre medidas financeiras que não correspondem às normas GAAP, inclusive com uma reconciliação com a medida GAAP mais estreitamente correlacionada.

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.

 

 

1ºT 2020

Adjusted
1Q 2020

 

1Q 2019

Adjusted
1Q 2019

Receita

US$ 11,456 milhões

 

$10,480 M

 

Lucro operacional

US$ 364 milhões

$ 401 M

$666 M

$694 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.

Segmento internacional

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.

 

 

1ºT 2020

Adjusted
1Q 2020

 

1Q 2019

Adjusted
1Q 2019

Receita

US$ 3,383 milhões

 

$3,459 M

 

Lucro operacional

US$ 551 milhões

$ 558 M

$528 M

$612 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%.

Segmento de cadeia de suprimentos e frete

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.

 

 

1ºT 2020

Adjusted
1Q 2020

 

1Q 2019

Adjusted
1Q 2019

Receita

US$ 3,196 bilhões

 

$3,221 M

 

Lucro operacional

US$ 157 milhões

$ 158 M

$200 M

$211 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.

Perspectiva

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.”

Informações sobre a teleconferência

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 de abril de 2020. A chamada estará aberta a outras pessoas através de um Webcast ao vivo. Para acessar a videoconferência, entre em www.investors.ups.com e clique em “Earnings Webcast”. Informações financeiras adicionais estão incluídas nas tabelas financeiras detalhadas que estão sendo publicadas em www.investors.ups.com em “Financials” e nos documentos apresentados à SEC como um anexo ao nosso Relatório Atual no Formulário 8-K.

Sobre a UPS

A UPS (NYSE: UPS) é líder mundial em logística, oferecendo uma ampla gama de soluções que abrangem transporte de pacotes e frete, facilitação de comércio internacional e implementação de tecnologia avançada para gerenciar o mundo dos negócios de modo mais eficiente. Com sede em Atlanta, a UPS atende mais de 220 países e territórios em todo o mundo. A UPS foi premiada pela revista Newsweek como a empresa com o Melhor Serviço de Atendimento ao Cliente dos EUA na categoria Serviços de Remessa e Entrega, foi eleita a Marca Mais Valiosa em Transporte pela Forbes e ficou entre as primeiras posições na lista JUST 100 de responsabilidade social, no Índice Mundial de Sustentabilidade da Dow Jones e no Quociente de Reputação da Pesquisa Harris, entre outras classificações e prêmios de prestígio. A empresa pode ser encontrada em ups.com.br ou pressroom.ups.com, e seu blog corporativo pode ser encontrado em ups.com/longitudes. A eNewsletter de sustentabilidade da empresa, UPS Horizons, pode ser encontrada em ups.com/sustainabilitynewsletter. Para receber notícias diretamente da UPS, siga @UPS_News no Twitter. Para enviar com a UPS, visite ups.com/ship.

Declarações prospectivas

Este comunicado, nosso Relatório Anual no Formulário 10-K para o ano que se encerrou em 31 de dezembro de 2019 e nossos outros registros junto à Comissão de Valores Mobiliários dos Estados Unidos (Securities and Exchange Commission) contêm e referem-se a “declarações prospectivas” dentro do significado encontrado na Lei de Reforma de Litígios de Valores Mobiliários Privados de 1995. Declarações diferentes daquelas de fatos atuais ou históricos, e todas as declarações acompanhadas de termos como “acreditar”, “projetar”, “esperar”, “estimar”, “presumir”, “pretender”, “prever”, “almejar”, “planejar” e suas variações, e termos similares, têm a intenção de ser declarações prospectivas. Declarações prospectivas são feitas no âmbito das disposições de porto seguro das leis federais de valores mobiliários nos termos da Seção 27A da Lei de Valores Mobiliários dos EUA (Securities Act) de 1933 e da Seção 21E da Lei de Negociação de Valores Mobiliários dos EUA (Securities Exchange Act) de 1934.

De tempos em tempos, também incluímos declarações prospectivas em outros materiais divulgados publicamente. Tais declarações podem estar relacionadas aos nossos objetivos, crenças e expectativas atuais sobre nossa direção estratégica, perspectivas e resultados futuros, e revelar as nossas expectativas ou previsões atuais de acontecimentos futuros; elas não estão estritamente relacionadas a fatos históricos ou atuais. A administração acredita que estas declarações prospectivas são razoáveis como e quando feitas. No entanto, deve-se tomar cuidado para não depositar confiança indevida em declarações prospectivas, pois tais declarações dizem respeito apenas à data em que são feitas.

Declarações prospectivas estão sujeitas a certos riscos e incertezas que podem fazer com que os resultados reais sejam materialmente diferentes da nossa experiência histórica, expectativas atuais ou resultados previstos. Entre esses riscos e incertezas, muitos dos quais estão fora do nosso controle, estão, entre outros: 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. Não assumimos nenhuma obrigação de atualizar declarações prospectivas para refletir acontecimentos, circunstâncias, mudanças de expectativas ou a ocorrência de acontecimentos imprevistos após a data dessas declarações, exceto conforme exigido por lei.

Conciliação de medidas financeiras GAAP e não 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. As medidas equivalentes determinadas de acordo com as normas GAAP também são chamadas de “declaradas” ou “não ajustadas”.

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.

Acreditamos que essas medidas não GAAP forneçam informações adicionais significativas para ajudar os usuários das nossas demonstrações financeiras a compreenderem os nossos resultados financeiros e fluxos de caixa e avaliarem o nosso desempenho contínuo, pois excluem itens que podem não ser indicativos de nossas operações subjacentes ou que não estão relacionados com elas, e podem fornecer uma linha de base útil para analisar as tendências dos nossos negócios subjacentes. 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.

Recomenda-se que as medidas financeiras não GAAP sejam consideradas um complemento, e não uma alternativa, aos resultados declarados preparados de acordo com as normas GAAP. Nossas informações financeiras não GAAP não representam uma base abrangente de contabilidade. Portanto, nossas informações financeiras não GAAP podem não ser comparáveis a medidas com títulos semelhantes declaradas por outras empresas.

Custos relacionados a programas de reestruturação; custos da estratégia de transformação

Lucro operacional não GAAP, margem operacional, resultado antes do imposto de renda, resultado líquido e lucro por ação excluem o impacto dos custos relacionados a programas de reestruturação, inclusive custos da estratégia de transformação. Acreditamos que isso proporcione uma comparação útil do desempenho financeiro em relação ao ano anterior sem considerar o impacto dos custos de reestruturação no curto prazo. We evaluate our performance on this adjusted basis.

Impacto de alterações de taxas de câmbio e atividades de hedging

We believe currency-neutral revenue, revenue per piece and operating profit information allows users of our financial statements to understand growth trends in our products and results. We evaluate the performance of our International Package and Supply Chain and Freight segments on this currency-neutral basis.

A receita, a receita por peça e o lucro operacional com base cambial neutra, são calculados dividindo-se a receita, a receita por peça e o lucro operacional do período atual em dólares americanos pelas taxas de câmbio médias do período atual, a fim de derivar a receita, a receita por peça e o lucro operacional do período atual em moeda local. Os valores derivados são então multiplicados pelas taxas de câmbio médias usadas para converter os resultados comparáveis de cada mês do período do exercício anterior (incluindo o impacto de atividades de hedging cambial em relação ao mesmo período do exercício anterior). A diferença entre a receita, a receita por peça e o lucro operacional do período atual declarados em dólares americanos e a receita, a receita por peça e o lucro operacional do período atual derivados em dólares americanos representa o impacto de flutuações cambiais em relação ao mesmo período do exercício anterior.

Impacto de alterações de alíquotas previdenciárias

O lucro operacional com base em alíquotas previdenciárias neutras, que não faz parte das normas GAAP, exclui o impacto de alterações de alíquotas previdenciárias sobre o custo do serviço previdenciário em relação ao mesmo período do exercício passado. 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. Desde 1.º de janeiro de 2020, avaliamos os nossos segmentos utilizando lucro operacional com base em alíquotas previdenciárias neutras, além da nossa medida de lucro operacional do segmento atual.

O lucro operacional com base em alíquotas previdenciárias neutras é calculado por meio da subtração do valor dos benefícios atribuíveis ao serviço do funcionário no período atual utilizando-se a alíquota previdenciária do ano anterior aplicável a cada um dos nossos planos de benefícios definidos patrocinados pela empresa. A diferença entre esse valor derivado e o custo do serviço declarado do período atual representa o impacto de flutuações da alíquota previdenciária sobre o lucro operacional em relação ao mesmo período do exercício anterior.

Fluxo de caixa livre e despesas de capital ajustadas

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. O fluxo de caixa livre, excluindo contribuições previdenciárias discricionárias, acrescenta novamente quaisquer contribuições previdenciárias discricionárias feitas durante o período. 

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