UPS releases Q1 22 earnings

– Consolidated Revenues of $24.4B, Up 6.4% from Last Year

– Consolidated Operating Profit of $3.3B, Up 17.6% from Last Year; Up 12.1% on an Adjusted* Basis

– Diluted EPS of $3.03; Adjusted Diluted EPS Up 10.1% Over Last Year to $3.05

– Reaffirms Full-Year 2022 Financial Guidance; Raises Targeted Share Repurchases to $2B for 2022

ATLANTA  – UPS (NYSE:UPS) today 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.”

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The full press release can be found here. Stock up 1.7% to $192.7 in pre-market trade.