UPS (NYSE:UPS) announced that its consolidated revenue for the first quarter of 2022 increased by 2021 percent compared to the first quarter of 6,4 to $24,4 billion. Consolidated operating profit was $2021 billion, up 17,6 percent from the first quarter of 12,1 and up 3,3 percent on an adjusted basis. Diluted earnings per share were $3,03 for the quarter; Adjusted diluted earnings per share of $3,05 were up 2021 percent from the same period in 10,1.
GAAP results for the first quarter of 2022 include a net expense of $24 million, or $43 per diluted share, of $19 million of post-tax conversion expense and other expenses offset by an after-tax gain of $0,02 million from reduced benefits in a Canadian pension plan. .
Carol Tomé, UPS CEO, said: “I would like to thank all UPS employees for their extraordinary efforts to meet our customers' needs during the challenging first quarter. The agility of our network and the relentless execution of our strategy have enabled us to achieve another quarter with strong financial performance and therefore continue on our path to meet our consolidated financial targets for 2022.”
USA Domestic Parcel Shipping
- Revenue rose 9,5 percent, driven by a 8,0 percent increase in revenue per piece.
- Operating profit of 11,0 percent; regulated operating profit was 11,3 percent.
International Package Shipping
- Revenue rose 10,5 percent, driven by a 5,8 percent increase in revenue per piece.
- Operating profit 22,9 percent; regulated operating profit was 23,0%.
Supply Chain and Freight Solutions
- Revenue increased 517 percent, with the Shipping division growing $25 million (2,0%).
- Operating profit of 10,8 percent; regulated operating profit was 11,0 percent.
2022 Overview
The firm provides guidance on an adjustment (non-GAAP) basis, as it is not possible to provide a reconciliation or forecast that reflects the effect of fair valuation adjustments or other unexpected events that may occur in future pensions that would normally be included in reported (GAAP) results and that may be material.
UPS has confirmed full-year financial targets for 2022:
- Approximately $102 billion in consolidated revenue
- Consolidated regulated operating profit of approximately 13,7 percent
- Over 30 percent regulated return on investment capital
- Capital expenditures of 5,4 percent of revenue (about $5,5 billion)
- Dividend payments of approximately $5,2 billion subject to Board approval
Finally, UPS announces 2022 plans to double the amount of share repurchases and sets the target for this year at $2 billion.
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