UPS reports Q1 2021 financial results, revenue up 27.0% Y-o-Y

UPS

UPS has announced Q1 2021 financial results, reporting consolidated revenue of $22.9bn, a 27.0% increase Y-o-Y. Consolidated average daily volume increased 14.3% Y-o-Y. Net income was $4.8bn for the quarter, while consolidated operating profit was $2.8bn, up 158.0% Y-o-Y.

The Domestic segment revenue increased by 22.3%, to $14.0bn, compared to $11.5bn in Q1 2020, led by growth from small and medium-sized businesses. Revenue per piece increased 10.2%, driven by Ground products. The operating margin was 9.7%, with operating profits increasing to $1.4bn, up from $364m. 

The International segment revenue increased to $4.6bn, compared to $3.4bn in Q1 2020. The average daily volume grew 23.1%, with export growth from all regions. The operating margin was 23.6%, while operating profit increased to $1.1bn from $551m in Q1 2020.

The Supply Chain and Freight segment revenue increased to $4.3bn, up from $3.2bn in Q1 2020, increasing 34.3% driven by strong demand in nearly all businesses. Operating margin was 7.5%, while operating profit increased to $321m from $157m, in Q1 2020.

Carol Tomé, UPS Chief Executive Officer, said, “I want to thank all UPSers for delivering what matters, including COVID-19 vaccines. During the quarter, we continued to execute our strategy under the better not bigger framework, which enabled us to win the best opportunities in the market and drove record financial results.”

UPS also stated that the sale of UPS Freight is expected to close in the second quarter.

Source: UPS