United Parcel Service reported a -$3 billion loss for the fourth quarter, but adjusted earnings were well above Wall Street estimates.
The package delivery company’s adjusted earnings came in at $2.66 a share, compared to the $2.14 a share expected by analysts polled by FactSet. The figure was also higher than the $2.11 in the year-ago quarter.
But including $5.6 billion in charges related to pension adjustment costs and other factors including taxes and the sale of UPS Freight, the company incurred a loss of -$3.3 billion, or -$3.75 a share (sharper than the loss of -12 cents in the same quarter last year).
UPS revenue grew +21% year-over-year to $24.9 billion, which is $2 billion above analysts estimates.
Revenues from U.S. package came in at $15.75 billion, an increase of +17.4% year over year. International package revenue rose +23.3% year-over-year to $4.77 billion. Average daily volume increased +10.6%, according to UPS.
UPS did not issue revenue or diluted earnings per share guidance , amid the continued uncertainty due to the global pandemic. However, the company gave a full-year guidance for capital allocation, around $4 billion.
UPS said it has no plans to buyback shares or access the debt capital markets in 2021.