UPS REVENUES, VOLUMES PLUMMET

Fourth Quarter Revenues of $24.9B, Compared to $27.0B Last Year; 7.4% decrease in average daily volume; For 2023 Revenue was $91.0 billion, a decrease of 9.3%

ATLANTA, GA – January 30, 2024 – UPS 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.

“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,” said Carol Tomé, UPS chief executive officer.

UPS Full-Year 2023 Consolidated Results:

Revenue was $91.0 billion, a decrease of 9.3%.

Operating profit of $9.1 billion; adjusted operating profit of $9.9 billion, down 28.7%.

Operating margin was 10.0%; adjusted operating margin was 10.9%.

2024 Outlook: For the full year 2024, UPS expects revenue to range from approximately $92.0 billion to $94.5 billion and consolidated adjusted operating margin to range from approximately 10.0% to 10.6%.