UPS Q4 Profit Beats Market; Sees Weak Revenues, Margin In FY23; Plans Dividend, $5 Bln Buyback

(RTTNews) - United Parcel Service, Inc. (UPS) on Tuesday reported that fourth-quarter net income was $3.45 billion, up 11.6 percent from last year's $3.09 billion. Earnings per share of $3.96 grew 12.5 percent from $3.52 last year.

Adjusted net income was $3.154 billion or $3.62 per share, compared to $3.152 billion or $3.59 per share a year ago.

On average, 25 analysts polled by Thomson Reuters expected earnings of $3.59 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues were $27.0 billion, a 2.7 percent decrease from $27.77 billion last year. Analysts expected revenues of $28.09 billion for the quarter.

Looking ahead for fiscal 2023, UPS expects revenue to be between $97.0 billion and $99.4 billion and consolidated adjusted operating margin of between 12.8 percent and 13.6 percent. Analysts expect revenues of $100.03 billion for the year.

In fiscal 2022, the company's revenues were $100.3 billion and adjusted operating margin was 13.8 percent.

Further, the UPS Board of Directors has approved an increase to the company's quarterly dividend. UPS will pay a first-quarter 2023 dividend of $1.62 per share on all outstanding Class A and Class B shares. The dividend is payable March 10 to shareowners of record on February 21.

In addition, the Board has approved a new $5 billion share repurchase authorization, replacing the company's existing authorization.

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