UPS (NYSE:UPS) today announced its first-quarter 2020 financial results. Diluted earnings per share (EPS) are $1.11 and adjusted diluted earnings per share of $1.15.
But waht is the most important thing is the fact that UPS managed to somehow earn (net) $1,000,000,000 in the first 3 months of 2020.
UPS managed to make these numbers in 1Q 2020:
•Consolidated revenue increased to $18 billion, driven by growth in business-to-consumer shipments and gains in healthcare.
•Net income was $965 million; adjusted net income was $1 billion.
•Net income included material headwinds due to disruptions from the coronavirus pandemic, higher self-insurance accruals and other items.
In domestic market (the U.S.) Next Day Air average daily volume grew 20.5%, the fourth consecutive quarter of double-digit increases. Commercial deliveries declined while residential deliveries were elevated. Shipment growth in the quarter was driven by large customers.
It is worth noting that UPS is suspending share buybacks for 2020, reducing its planned full-year repurchase target by approximately $783 million.