UPS Releases 1Q 2022 Earnings

By Staff Writer Atlanta Trend

• May 01, 2022

UPS announced first-quarter 2022 consolidated revenue of $24.4 billion, a 6.4% increase over the first quarter of 2021. Consolidated operating profit was $3.3 billion, up 17.6% compared to the first quarter of 2021, and up 12.1% on an adjusted basis. Diluted earnings per share were $3.03 for the quarter; adjusted diluted earnings per share of $3.05 were 10.1% above the same period in 2021.

For the first quarter of 2022, GAAP results include a net charge of $19 million, or $0.02 per diluted share, comprised of after-tax transformation and other charges of $43 million offset by an after-tax gain of $24 million resulting from the curtailment of benefits in a Canadian retirement plan.
“I want to thank all UPSers for their outstanding efforts during a challenging first quarter to serve the needs of our customers,” said Carol Tomé, UPS chief executive officer. “The agility of our network and the continued execution of our strategy delivered another quarter of strong financial performance, putting us on our way to achieving our 2022 consolidated financial targets.” 

For 2022, UPS reaffirms its full-year financial targets:

• Consolidated revenue of about $102 billion
• Consolidated adjusted operating margin of approximately 13.7%
• Adjusted return on invested capital above 30%
• Capital expenditures of 5.4% of revenue, or approximately $5.5 billion
• Dividend payments, subject to board approval, of about $5.2 billion

Finally, UPS is announcing its plans to double the amount of share repurchases for 2022, taking the target to $2 billion for the year.