UPS posts Q2 consolidated revenue at $23.4bn

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UPS posts Q2 consolidated revenue at $23.4bn

Jul 29, 2021 12:19 PM

UPS one of the world s largest package delivery companies has announced second-quarter 2021 consolidated revenue of 23.4 billion a 14.5% increase over the second quarter of 2020. Consolidated operating...

UPS, one of the world’s largest package delivery companies, has announced second-quarter 2021 consolidated revenue of $23.4 billion, a 14.5% increase over the second quarter of 2020.

Consolidated operating profit was $3.3 billion, up 47.3% compared to the second quarter of 2020, and up 40.8% on an adjusted basis. Diluted earnings per share were $3.05 for the quarter, 50.2% above the same period in 2020, and up 43.7% on an adjusted basis.

For the second quarter of 2021, GAAP results include after-tax transformation and other charges of $11 million, equivalent to $0.01 per share. Also in the second quarter, the company completed its divestiture of UPS Freight on April 30. The sale triggered re-measurement of certain US pension and postretirement benefit plans.

As a result, UPS pension and postretirement liabilities were lowered by $2.1 billion. The re-measurement had no meaningful impact to the company’s consolidated second-quarter net earnings. Year-to-date cash from operations was $8.5 billion, up 42.2% compared to the same period in 2020, with free cash flow of $6.8 billion, a 74.7% increase above the first six months of 2020.

“I want to thank all UPSers for executing our strategy and delivering high service levels, which fuelled record financial results in the second quarter,” said Carol Tomé, UPS chief executive officer. “Through our better not bigger framework, we are moving our world forward by delivering what matters.” – TradeArabia News Service

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