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.”
U.S. Domestic Segment
4Q 2023 |
Adjusted
4Q 2023 |
4Q 2022 |
Adjusted
4Q 2022 |
|
Revenue | $16,915 M | $18,252 M | ||
Operating profit | $1,437 M | $1,569 M | $1,840 M | $2,328 M |
International Segment
4Q 2023 |
Adjusted
4Q 2023 |
4Q 2022 |
Adjusted
4Q 2022 |
|
Revenue | $4,606 M | $4,950 M | ||
Operating profit | $890 M | $899 M | $1,020 M | $1,091 M |
Supply Chain Solutions1
4Q 2023 |
Adjusted
4Q 2023 |
4Q 2022 |
Adjusted
4Q 2022 |
|
Revenue | $3,396 M | $3,831 M | ||
Operating profit | $150 M | $319 M | $335 M | $403 M |
1 Consists of operating segments that do not meet the criteria of a reportable segment under ASC Topic 280 – Segment Reporting.
Full-Year 2023 Consolidated Results
In addition, the Company returned $7.6 billion of cash to shareowners through dividends and share buybacks.