United Parcel Service (NYSE:UPS) saw its shares tumble on what its newest quarter revealed Thursday.
The Atlanta-based courier giant put out a news release Tuesday, announced first-quarter 2020 diluted earnings per share of $1.11 and adjusted diluted earnings per share of $1.15. The company’s results were adversely affected by the disruption to customers from the global coronavirus pandemic.
For the total company 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.
Adjusted capital expenditures were $939 million to support network enhancements. Dividends per share increased 5.2%, with dividends remaining a high priority for the company.
UPS has been designated by governments around the world as a Critical Infrastructure Business and continues to operate in all major countries, while adhering to additional regulatory requirements.
In the U.S., the company is also front and center in leading the pandemic logistics response for the Federal Emergency Management Agency (FEMA) and other federal and state government agencies.
Said CEO David Abney "I want to thank all 495,000 UPSers for their extraordinary efforts to leverage the full power of our global network in the fight against the coronavirus pandemic, keeping critical goods moving for businesses and consumers globally.
"The world is counting on UPS more than ever before as we support the people on the front lines of this crisis and our customers with speed, ingenuity and reliability."
Shares dropped $5.14, or 5%, to $97.42.
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