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![UNITED PARCEL SERVICE INC [UPS] reports annual net loss of $6.7 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FUPS.png&w=1200&q=75)
UNITED PARCEL SERVICE INC [UPS] has reported a net loss of $6.7 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $91.0 billion
Based in ATLANTA, Georgia, UNITED PARCEL SERVICE INC operates in the TRANSPORT sector.
In the Statements of Consolidated Income for the 12 months ended on December 31, 2023, the following key financial metrics were reported and compared with the figures from the previous periods:
Revenue for the current period amounted to $90.96 million, showing a decrease from $100.34 million in the same period in 2022 and $97.29 million in 2021.
Operating Expenses:
- Compensation and benefits totaled $47.09 million, slightly lower compared to $47.72 million in 2022 and $46.64 million in 2021.
- Repairs and maintenance expenses were $2.83 million, slightly up from $2.88 million in 2022 and $2.77 million in 2021.
- Depreciation and amortization costs were $3.37 million, higher than $3.19 million in 2022 and $2.95 million in 2021.
- Purchased transportation expenses amounted to $13.65 million, a decrease from $17.68 million in 2022 and $19.08 million in 2021.
- Fuel expenses were $4.78 million, lower compared to $6.02 million in 2022 and higher than $3.85 million in 2021.
- Other occupancy costs were $2.02 million, higher compared to $1.84 million in 2022 and $1.72 million in 2021.
- Other expenses totaled $8.09 million, slightly up from $7.91 million in 2022 and $7.47 million in 2021.
Overall, Total Operating Expenses for the current period were $81.82 million, a decrease from $87.24 million in 2022 and $84.48 million in 2021. Operating Profit was $9.14 million, lower than $13.09 million in 2022 but slightly higher than $12.81 million in 2021.
Other Income and (Expense):
- Investment income and other sources brought in $0.22 million, significantly lower than $2.44 million in 2022 and $4.48 million in 2021.
- Interest expenses were $(0.79) million, slightly higher than $(0.70) million in 2022 and $(0.69) million in 2021. The total other income and expense amounted to $(0.57) million, down from $1.73 million in 2022 but significantly lower than $3.79 million in 2021.
Income Before Income Taxes was $8.57 million, a notable decrease from $14.83 million in 2022 and $16.60 million in 2021. Income Tax Expense amounted to $1.87 million, lower than $3.28 million in 2022 and $3.71 million in 2021.
Net Income for the current period was $6.71 million, showing a decrease from $11.55 million in 2022 and $12.89 million in 2021.
Basic Earnings Per Share for the current period were $7.81, down from $13.26 in 2022 and $14.75 in 2021. Diluted Earnings Per Share were $7.80, lower than $13.20 in 2022 and $14.68 in 2021.
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