US-based United Parcel Service (UPS) has reported a 14.5 per cent increase in consolidated revenue over the second quarter of 2020.
UPS reported consolidated revenue of $23.4 billion USD for Q2 2021.
Consolidated operating profit was $3.3 billion USD, up 47.3 per cent compared to the second quarter of 2020, and up 40.8 per cent on an adjusted basis. Diluted earnings per share were $3.05 USD for the quarter, 50.2 per cent above the same period in 2020, and up 43.7 per cent on an adjusted basis.
For the second quarter of 2021, GAAP results include after-tax transformation and other charges of $11 million USD, equivalent to $0.01 USD per share. Also in the second quarter, the company completed its divestiture of UPS Freight on 30 April. The sale triggered re-measurement of certain US pension and post-retirement benefit plans. As a result, UPS pension and post-retirement liabilities were lowered by $2.1 billion USD. The re-measurement had no meaningful impact to the company’s consolidated second-quarter net earnings. Year-to-date cash from operations was $8.5 billion USD, up 42.2 per cent compared to the same period in 2020, with free cash flow of $6.8 billion USD, a 74.7 per cent increase above the first six months of 2020.
“I want to thank all UPSers for executing our strategy and delivering high service levels, which fuelled record financial results in the second quarter,” said UPS CEO, Carol Tomé. “Through our better not bigger framework, we are moving our world forward by delivering what matters.”