UPS has announced fourth-quarter 2020 consolidated revenue of $24.9 billion, a 21.0 per cent increase over the fourth quarter of 2019.

It said that its consolidated average daily volume increased 10.6 per cent year over year.  Operating profit was also increased, now $2.2 billion, up 1.6 per cent compared to last year’s fourth quarter, or 26.0 per cent on an adjusted basis.

Net loss was $3.3 billion for the quarter; adjusted net income was $2.3 billion or 26.4 per cent above the same period last year.

“Our financial performance in the fourth quarter exceeded our expectations, and I thank all UPSers for their extraordinary efforts to deliver industry-leading service through the holidays.” said UPS chief executive officer, Carol Tomé.

“I’d also like to thank our customers who worked with us during this challenging year. As we look past 2020 into the new year, we are optimistic.  During the fourth quarter, we began transporting Covid-19 vaccines and we stand ready to deliver hope and health to people around the world.”

In the fourth quarter, it also reported that diluted loss per share was $3.75, compared to a diluted loss per share of $0.12 in the fourth quarter of 2019.  Adjusted diluted earnings per share (EPS) increased 26.1 per cent to $2.66, compared to $2.11 from the same period last year.

For the fourth-quarter of 2020, GAAP results include a total charge of $5.6 billion, or $6.38 per diluted share, comprised of a non-cash, after-tax mark-to-market (MTM) pension charge of $4.9 billion, an after-tax transformation charge of $114 million and an after-tax impairment charge of $545 million associated with the Company’s decision to sell UPS Freight.

The Company’s fourth-quarter 2019 GAAP results included a total charge of $1.9 billion, or $2.23 per diluted share, comprised of a non-cash, after-tax MTM pension charge of $1.8 billion, an after-tax transformation charge of $39 million and a U.S. Domestic after-tax legal reserve charge of $91 million.