UPS announced first-quarter 2023 consolidated revenues of $22.9 billion, a 6.0% decrease from the first quarter of 2022. Consolidated operating profit was $2.5 billion, down 21.8% compared to the first quarter of 2022, and down 22.8% on an adjusted basis. Diluted earnings per share were $2.19 for the quarter; adjusted diluted earnings per share of $2.20 were 27.9% below the same period in 2022.
For the first quarter of 2023, GAAP results included after-tax transformation and other charges of $9.0 million, or $0.01 per diluted share.
“I want to thank all UPSers for delivering industry-leading service to our customers,” said Carol Tomé, UPS chief executive officer. “In the first quarter, deceleration in U.S. retail sales resulted in lower volume than we anticipated, and we faced ongoing demand weakness in Asia. In response, we focused on controlling what we could control and delivered first-quarter consolidated operating profit and operating margin in line with our base case targets. Given current macro conditions, we expect volume to remain under pressure. We will remain focused on driving productivity while investing in efficiency and growth initiatives, enabling us to come out of this demand cycle even stronger.”
U.S. Domestic Segment
|
1Q 2023 |
Adjusted |
1Q 2022 |
Adjusted |
Revenue |
$14,987 M |
|
$15,124 M |
|
Operating profit |
$1,466 M |
$1,488 M |
$1,662 M |
$1,705 M |
-
Revenue decreased 0.9%, driven by a 5.4% decrease in average daily volume, which was nearly offset by a 4.8% increase in revenue per piece.
-
Operating margin was 9.8%; adjusted operating margin was 9.9%.
International Segment
|
1Q 2023 |
Adjusted |
1Q 2022 |
Adjusted |
Revenue |
$4,543 M |
|
$4,876 M |
|
Operating profit |
$828 M |
$806 M |
$1,116 M |
$1,120 M |
-
Revenue…
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