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UPS delivers 1Q 2018 EPS of $1.55, up 17%

• International Revenue and Operating Profit Climb 15%
• Average Daily Exports grew 12%, Led by Europe and U.S. Trade Lanes
• Supply Chain & Freight Operating Profit up 14% on 16% Revenue Growth
• U.S. Domestic Revenue Rises 7.2% on 4.6% Volume Growth
• Weather Conditions Muted First Quarter U.S. Domestic Results  
• Cash from Operations of $4.1B Resulted in Free Cash Flow* of $2.6B
• Reaffirms Full-Year 2018 Adjusted EPS Guidance

ATLANTA – April 26, 2018 – UPS (NYSE:UPS) today announced that first-quarter 2018 earnings per share rose 17% to $1.55, led by double-digit operating profit growth in both International and Supply Chain and Freight segments. “Top-line growth in our business was strong across all business segments, reflecting the power of UPS’s global solutions and continued favorable economic conditions,” said UPS Chairman and CEO David Abney. “When combined with our transformation initiatives, these favorable trends position UPS for strong returns going forward.” 

For the total company in 1Q 2018:

• Total revenue increased 10% to $17.1 billion, on strong demand for UPS solutions.
• Average yield increased by 4.3%, led by International and U.S. Deferred Air products.
• UPS rewarded shareowners by increasing dividends per share by nearly 10% over the prior year, and distributing $840 million during the quarter. 
• To support investment strategies the company made capital expenditures of $1.5 billion.
• The lower effective tax rate reflects a more competitive U.S. tax structure, some discrete tax items and includes the impact of share-based compensation.
• First quarter results include the adoption of new accounting standards for pension and revenue recognition.  Prior-period results were also recast to reflect these changes.

_{* Information on non-GAAP financial measures is attached to this press release.}

U.S. Domestic Segment

The U.S. Domestic segment experienced strong demand as customers increasingly chose UPS solutions.  Both unexpected and planned items weighed on operating profit for the segment during the first quarter.

For the U.S. Domestic segment in 1Q 2018:

• Revenue increased to $10.2 billion, up 7.2% over 1Q 2017.  Revenue improved across all products, signaling the strong market demand for UPS solutions.    
• Revenue per piece increased 2.6% as higher base-rate pricing and fuel surcharges offset headwinds from customer and product mix.
• Operating profit includes headwinds from severe winter weather of $85 million, Saturday deployment, network projects and higher pension expenses.

International Segment

“The execution of our diversified global strategies and our investments produced double-digit growth in revenue and profit,” said Abney.  “Each of our International regions is contributing to our financial gains, and we expect this strong momentum to continue.”

For the International segment in 1Q 2018:

• International revenue increased 15% despite two fewer operating days in many countries. Currency-neutral revenue increased 8.7%.
• Export, Domestic and Cargo product groups all achieved double-digit revenue growth.
• Export shipments per day grew an average 12% as premium products continue to outpace non-premium.
• Export volume growth in Europe and the U.S. continued to be strong for the quarter.
• Operating profit was $594 million, up 15% on higher Export shipments and expanded product yields.  Currency-neutral operating profit increased 10%.

_{* Information on non-GAAP financial measures is attached to this press release.}

Supply Chain and Freight Segment

The Supply Chain and Freight segment produced another quarter of strong financial results.  Revenue and operating profit grew by double digits due to successful revenue-quality initiatives, opportunistic growth strategies and structural cost reductions.

For the Supply Chain and Freight segment in 1Q 2018:

• Revenue increased to $3.4 billion, up 16% over 1Q 2017.  The business units focused on high quality, middle-market customers. 
• The Forwarding business led all units with 27% revenue growth, as revenue management initiatives and stable market conditions drove top-line gains.
• UPS Freight revenue increased 9.9% on solid LTL (less-than-truckload) pricing and tonnage growth.
• Operating profit was $170 million, up 14% from the same quarter in 2017.