January 31, 2013: UPS announced record Fourth Quarter and Annual adjusted earnings in a company statement today.
UPS made profits of $2.05 billion excluding a big one-time pension accounting charge.
The company’s fourth quarter profits looked like a loss thanks to an accounting gimmick. UPS took a massive one-time $3 billion “non-cash charge” on company pension and benefit plans. This charge did not affect the company’s cash flow or benefits paid to participants.
Click read the rest for more details on UPS profits.
Another one-time event, Hurricane Sandy, also cut into the company’s bottom line, diluting earnings by $.05 a share according to the company.
After the pension charge, the company posted an official fourth-quarter net loss of $1.75 billion.
It’s contract time. And UPS Teamsters can expect management to use the Fourth Quarter figures to talk up the bad economy.
Management and Teamsters know the truth: UPS continues to gain ground and make profits even in a tough economy. Just look at the numbers the company can’t manipulate through accounting gimmicks.
- UPS’s fourth quarter revenue rose to $14.57 billion—up $400 million compared to last year.
- Daily package volume was up 3% to 16.2 million domestic packages a day.
- Operating profit in the company’s domestic package operation increased by 4.4%.
UPS Teamsters continue to deliver huge revenue for the company. It’s time for UPS to deliver for us by negotiating a fair contract.
Click here to read UPS’s official announcement.