UPS Q1 revenue up 6% to $24bn

UPS announced a six percent increase in first-quarter 2022 consolidated revenue to $24.4 billion on 10 percent increase in revenue per piece across both domestic as well as international operations.

"Consolidated operating profit was $3.3 billion, up 18 percent compared to the first quarter of 2021, and up 12 percent on an adjusted basis. Diluted earnings per share were $3.03 for the quarter, and adjusted diluted earnings per share of $3.05 were 10 percent above the same period in 2021," according to an official statement.

"I want to thank all UPSers for their outstanding efforts during a challenging first quarter to serve the needs of our customers," says Carol Tomé, Chief Executive Officer, UPS. "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."

Domestic revenue increased 8 percent to $15 billion on a nearly 10 percent increase in revenue per piece. Adjusted operating profit came in at $1.7 billion compared to $1.5 billion in Q12021.

International segment revenue increased 6 percent to $5 billion on over 10 percent increase in revenue per piece. Adjusted operating profit was almost flat at $1.1 billion.

Supply chain solutions reported a revenue of $4.4 billion and adjusted operating profit of $481 million.

2022 outlook
UPS reaffirmed its full-year consolidated revenue target of about $102 billion, consolidated adjusted operating margin of approximately 13.7 percent, capital expenditures of 5.4% of revenue, or approximately $5.5 billion and dividend payments, subject to board approval, of about $5.2 billion.

UPS is also planning to double share repurchases for 2022, taking the target to $2 billion for the year.