On a GAAP basis, the company reported a net loss of $106
million, or $0.12 per share, compared to a net income of $453 million, or $0.52
per share, in the prior-year period. The results included mark-to-market
pension charges, transformation charges and legal expenses related to the New
York cigarette case. Excluding the aforementioned charges, earnings grew 8.8%
to $2.11 per share, in line with forecasts.
During the quarter, average daily volume levels exceeded 26.6 million packages, up 7.5%, driven by high demand for air services in the US.
Also read: Altria Q4 2019 Earnings Snapshot
In the US Domestic segment, revenues increased 6.5% to $13.4
billion, with growth across all products. Total volume across all products grew
around 9%. Unit costs decreased 2.1%.
Revenues in the International segment amounted to $3.7
billion. Export volume dipped slightly as gains on intra-Europe, intra-Asia and US export trade lanes did not fully offset the
declines into and out of the UK and on the Asia-US lane.
In the Supply Chain and Freight segment, revenues totaled $3.3 billion, with growth in Logistics, Marken and UPS Freight.
Adjusted EPS is expected to come in a range of $7.76 to $8.06 for fiscal year 2020. Capital expenditures are estimated to be around $6.7 billion.
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