UPS (NYSE:UPS) today announced fourth-quarter 2022 consolidated revenues of $27.0 billion, a 2.7% decrease from the fourth quarter of 2021.

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Consolidated Revenues of $27.0B, Down 2.7% from Last Year

Consolidated Operating Margin of 11.8%; Adjusted Consolidated Operating Margin of 14.1%

Diluted EPS of $3.96; Adjusted Diluted EPS Up 0.8% Over Last Year to $3.62

Declares a Quarterly Dividend of $1.62, a Per Share Increase of 6.6%, and Authorizes a New $5B Share Repurchase Program, Replacing the Existing Authorization

ATLANTA - UPS (NYSE:UPS) today announced fourth-quarter 2022 consolidated revenues of $27.0 billion, a 2.7% decrease from the fourth quarter of 2021. Consolidated operating profit was $3.2 billion, down 17.9% compared to the fourth quarter of 2021, and down 3.3% on an adjusted basis. Diluted earnings per share were $3.96 for the quarter; adjusted diluted earnings per share of $3.62 were 0.8% above the same period in 2021.

For the fourth quarter of 2022, GAAP results include a net benefit of $299 million, or $.34 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension gain of $782 million, a one-time, non-cash, after-tax charge of $384 million resulting from accelerated vesting of restricted performance units in connection with a change in incentive compensation program design, a non-cash, after-tax charge of $58 million due to a reduction in the residual value of the company's MD-11 aircraft and after-tax transformation and other charges of $41 million.

'I want to thank all UPSers for delivering what matters throughout the holiday season, including industry-leading service to our customers for the fifth consecutive year,' said Carol Tome, UPS chief executive officer. 'For the year, we reached our targeted consolidated operating margin and return on invested capital goals one year earlier than originally anticipated. Our results in 2022 demonstrate our strategy is working.'

U.S. Domestic Segment: See full release at:

https://about.ups.com/us/en/newsroom/press-releases/financials/ups-releases-4q-2022-earnings.html

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