Record Earnings

UPS Posts Record Earnings

UPS announced record Fourth Quarter and Annual adjusted earnings in a company statement today.

UPS made profits of $2.05 billion excluding a big one-time pension accounting charge.

The company’s fourth quarter profits looked like a loss thanks to an accounting gimmick. UPS took a massive one-time $3 billion “non-cash charge on company pension and benefit plans. This charge did not affect the company’s cash flow or benefits paid to participants.

Another one-time event, Hurricane Sandy, also cut into the company’s bottom line, diluting earnings by $.05 a share according to the company.

After the pension charge, the company posted an official fourth-quarter net loss of $1.75 billion.

It’s contract time. And UPS Teamsters can expect management to use the Fourth Quarter figures to talk up the bad economy.

Management and Teamsters know the truth: UPS continues to gain ground and make profits even in a tough economy. Just look at the numbers the company can’t manipulate through accounting gimmicks.

UPS’s fourth quarter revenue rose to $14.57 billion—up $400 million compared to last year.

  • Daily package volume was up 3% to 16.2 million domestic packages a day.
  • Operating profit in the company’s domestic package operation increased by 4.4%.
  • UPS Teamsters continue to deliver huge revenue for the company. It’s time for UPS to deliver for us by negotiating a fair contract.