UPS Releases 4Q 2023 Earnings

UPS (NYSE:UPS) today announced fourth-quarter 2023 consolidated revenues of $24.9 billion, a 7.8% decrease from the fourth quarter of 2022. Consolidated operating profit was $2.5 billion, down 22.5% compared to the fourth quarter of 2022, and down 27.1% on an adjusted basis. Diluted earnings per share were $1.87 for the quarter; adjusted diluted earnings per share of $2.47 were 31.8% below the same period in 2022.

For the fourth quarter of 2023, GAAP results include a total charge of $512 million, or $0.60 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension charge of $274 million, after-tax transformation and other charges of $154 million, and a non-cash, after-tax impairment charge of $84 million related to our Coyote trade name in our truckload brokerage unit.

“I want to thank UPSers for providing the best on-time performance of any carrier for the sixth year in a row,” said Carol Tomé, UPS chief executive officer. “2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth.”
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