UPS 發布 2020 年第一季盈餘

喬治亞州，亞特蘭大

UPS 的專業知識和靈活的全球網路，使供應鏈不斷發展

• 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. 請參考本新聞稿的附錄，瞭解非 GAAP 財務指標的討論，包括與最密切相關的 GAAP 指標的對照。

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.

國際業務

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%.

供應鏈和貨運業務

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.

展望

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.”

電話會議資訊

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. 其他人將可透過即時網路直播參與視訊會議。若要參加視訊會議，請造訪 www.investors.ups.com，並點選「營收網路直播」(Earnings Webcast)。其他財務資訊包括公佈在「財務」下的 www.investors.ups.com 中並做為附件提交給美國證券交易委員會（SEC）的目前的 8-K 表格報告的詳細財務時間表。

關於 UPS

UPS (NYSE: UPS) 為全球物流領導企業，提供廣泛的解決方案，業務範圍涵括國際快遞及海空運貨物運輸，透過國際貿易便利化、先進科技的佈署，藉此更有效率的管理全球商務。UPS 總部設在美國亞特蘭大市，服務範圍遍及全球 220 多國家和地區。UPS 獲《新聞週刊》雜誌選為「運輸貨運服務」服務類別 America’s Best Customer Service 公司；《富比士》雜誌選為 Most Valuable Brand in Transportation；和 JUST 100 清單社會責任類別最高排名，以及受到道瓊永續發展世界指數、哈里斯民意調查聲譽商數（RQ®）等其他聲譽卓著的排名和獎項的肯定。公司網站位於 ups.com 或 pressroom.ups.com ，而其企業部落格位於 ups.com/longitudes 公司的永續發展電子報 UPS Horizons，位於 ups.com/sustainabilitynewsletter。 如欲獲取更多 UPS 消息，請在 Twitter 上追蹤 @UPS_News。若要使用 UPS 寄件，請造訪 ups.com/ship。

前瞻性陳述

本稿，即已結束年度10-K表格的年報 2019 年 12 月 31 日 和我們向證券交易委員會提交的其他文件，包含並涉及美國1995年私人證券訴訟改革法之意義的「前瞻性陳述」。除了對於現時事實或過往事實的陳述之外，所有包括「相信」、「計劃」、「預期」、「預估」、「假定」、「打算」、「期望」、「目標」、「方案」和以上字詞變化的陳述條款以及類似的條款，均意指前瞻性陳述。前瞻性陳述依據美國聯邦 1933 年證券法第 27A 節與 1934 年證券交易法第 21E 節的安全港法規提出。

我們也不時在其他公開揭露資料中提供前瞻性陳述。此類陳述可能與我們的戰略方向、前景、未來結果的意向、信念和目前的期望有關，並且提供我們當前的預期或對於未來事件的預測；這些並不與過往或現時事實確切相關。管理階層相信這些前瞻性陳述到時候會是合理的。但是，應注意不應過度依賴任何前瞻性陳述，因為此類陳述僅在陳述當時的景況。

前瞻性陳述受某些風險和不確定性限制，可能導致實際結果與歷史經驗和現行期望或預期的結果有顯著的不同。這些風險和不確定性其中有許多是在我們的控制範圍之外，包括但不限於：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. 除非法律規定所規定之外，我們並不承擔任何更新前瞻性陳述以反映在這些陳述後發生的事件、情形、期望變化或意外事件的義務。

GAAP 與非 GAAP 財務指標調節

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. 依據 GAAP 認定的同等指標也稱為「公告」或「調整前」。

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.

我們認為，這些非 GAAP 指標可提供額外有意義的資訊，協助財報使用者瞭解我們的財務結果和現金流，並評估我們持續的表現，因為這些指標排除了可能不具我們潛在業務的指標，或是與其無關的項目，而且也可作為分析潛在業務趨勢的實用基準。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 財務指標應該作為我們依據 GAAP 備製的公告結果的補充物，而非替代物。非 GAAP 財務資訊不代表綜合會計基礎。因此，我們的非 GAAP 財務資訊不能與其他公司公告的類似標題指標相類比。

與改組計畫相關的成本；轉型策略成本

非 GAAP 營業利益、營業利益率、稅前收入、淨利和每股盈餘排除了與改組計畫相關成本的影響，包括轉型策略成本。我們相信，在不考慮改組成本的短期影響下，這可以對於年度間財務績效提供實用的比較。我們會以這項調整後的基礎來評估我們的績效。

對外幣匯率變動和對沖交易的影響

我們相信，貨幣中立營收、每件營收及營運利潤資訊可供財務報表使用者瞭解公司產品的成長趨勢與營運成果。We evaluate the performance of our International Package and Supply Chain and Freight segments on this currency-neutral basis.

貨幣中立營收、每件營收及營業利益將分別以當期公告美元營收、每件營收及營業利益除以當期平均匯率來計算，以取得當期的當地貨幣營收、每件營收和營業利益。所得出的金額再乘以用於轉換上一年度每個月相比結果的平均外幣匯率 (含在同期比較下外幣對沖交易的影響)。當期公告美元營收、每件營收及營業利益與所得出的當期美元營收、每件營收及營業利益之間的差額即為貨幣波動在同期比較下的影響。

退休金折現率變更的影響

非 GAAP 退休金折現率（自然利率）營業利益不包括折現率變更對退休金服務成本在同期比較下的影響。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 生效，我們開始使用退休金折現率（自然利率）營業利益來評估我們的業務，並加上目前業務營業利益的衡量標準。

退休金折現率（自然利率）營業利益的計算方法是，將由於當期員工服務使用上一年度適用於每個我們公司贊助的限定的福利計畫的折現率所產生的福利價值貼現。所得出的金額和當期公告服務成本之間的差額，是退休金折現率在營業利益上的變化在同期比較下的影響。

自由現金流量和調整後資本支出

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. 排除自提退休金的自由現金流量，再加回在此期間提撥的任何自提退休金。