UPS(US:UPS)2024-04-23 10:03Revenue Performance - Total revenue decreased by 5.3% to $21,706 million from $22,925 million year-over-year[1] - U.S. Domestic Package revenue fell by 5.0% to $14,234 million compared to $14,987 million in the previous year[1] - International Package revenue declined by 6.3% to $4,256 million from $4,543 million year-over-year[1] - U.S. Domestic Package revenue was reported at $13,409 million, a slight decrease of 0.8% compared to $13,521 million in the previous year[17] - International Package revenue decreased by 3.1% to $3,600 million from $3,715 million year-over-year[17] Profitability - Operating profit dropped by 36.5% to $1,613 million from $2,541 million in the same quarter last year[1] - Net income decreased by 41.3% to $1,113 million compared to $1,895 million in the prior year[1] - Basic earnings per share fell by 40.9% to $1.30 from $2.20 year-over-year[1] - Operating profit for U.S. Domestic Package was $1,613 million, down 36.5% from $2,541 million in the previous year[17] - Net income for the trailing twelve months ended March 31, 2024, was $5,926 million, a decrease of 45.0% compared to $10,781 million for the same period in 2023[15] - Adjusted operating profit for the trailing twelve months ended March 31, 2024, was $9,068 million, down 30.5% from $13,099 million in the previous year[15] - Net income to average invested capital was 13.2%, down from 23.3% year-over-year[15] - Adjusted Return on Invested Capital (Non-GAAP) was 20.1%, a decline from 28.4% in the prior year[15] Expenses and Costs - Total operating expenses decreased by 1.4% to $20,093 million from $20,384 million[4] - Compensation and benefits increased by 1.5% to $11,639 million compared to $11,464 million in the previous year[4] - Fuel expenses decreased by 16.6% to $1,060 million from $1,271 million year-over-year[4] Cash Flow and Assets - Free cash flow for the three months ended March 31, 2024, was $2,280 million, an increase from $1,770 million in the same period of 2023, reflecting a growth of approximately 28.8%[8] - The company reported a net cash from operating activities of $3,316 million for the three months ended March 31, 2024, compared to $2,357 million for the same period in 2023, an increase of about 40.7%[7] - Total current assets decreased from $19,413 million as of December 31, 2023, to $16,177 million as of March 31, 2024, a decline of approximately 12.0%[6] - Total assets decreased from $70,857 million as of December 31, 2023, to $67,628 million as of March 31, 2024, a reduction of about 4.9%[6] - Total current liabilities decreased from $17,676 million as of December 31, 2023, to $14,696 million as of March 31, 2024, a decline of approximately 16.7%[6] Debt and Leverage - Adjusted total debt as of March 31, 2024, was $26,336 million, compared to $26,790 million as of March 31, 2023, a decrease of about 1.7%[12] - Adjusted total debt to adjusted EBITDA ratio increased from 1.65 as of March 31, 2023, to 2.11 as of March 31, 2024, indicating a higher leverage position[12] - Average debt and finance leases decreased to $21,101 million from $22,035 million, reflecting a reduction of 4.2%[15] Capital Expenditures - Capital expenditures for the three months ended March 31, 2024, were $1,035 million, up from $609 million in the same period of 2023, an increase of approximately 69.8%[8] Fleet Information - The total aircraft fleet as of March 31, 2024, included 294 owned and/or operated aircraft, with an additional 21 on order[19]