2024-04-23 12:09:09 ET
United Parcel Service, Inc. (UPS)
Q1 2024 Earnings Conference Call
April 23, 2024, 08:30 AM ET
Company Participants
PJ Guido - IR
Carol Tome - CEO
Brian Newman - CFO
Nando Cesarone - EVP & President of U.S. and UPS Airline
Matt Guffey - EVP & Chief Commercial & Strategy Officer
Kate Gutmann - EVP and President of International, Healthcare & Supply Chain Solutions
Conference Call Participants
Eric Morgan - Barclays
Amit Mehrotra - Deutsche Bank
Tom Wadewitz - UBS
Scott Group - Wolfe Research
Ravi Shanker - Morgan Stanley
Brian Ossenbeck - JPMorgan
Conor Cunningham - Melius Research
Jonathan Chappell - Evercore ISI
Bascome Majors - Susquehanna
Stephanie Moore - Jefferies
Bruce Chan - Stifel
Scott Schneeberger - Oppenheimer
David Vernon - Bernstein
Presentation
Operator
Good morning. My name is Stephen Dye, and I will be your conference facilitator today. I would like to welcome everyone to the UPS Investor Relations First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. And after the speaker's remarks, there will be a question-and-answer period. [Operator Instructions].
It is now my pleasure to turn the floor over to your host, Mr. PJ Guido, Investor Relations Officer. Sir, the floor is yours.
PJ Guido
Good morning, and welcome to the UPS first quarter 2024 earnings call. Joining me today are Carol Tome, our CEO; Brian Newman, our CFO, and a few additional members of our executive leadership team.
Before we begin, I want to remind you that some of the comments we'll make today are forward-looking statements within federal securities laws and address our expectations for the future performance or operating results of our company. These statements are subject to risks and uncertainties, which are described in our 2023 Form 10-K and other reports we file with or furnish to the Securities and Exchange Commission. These reports, when filed, are available on the UPS Investor Relations website and from the SEC.
Unless stated otherwise, our discussion refers to adjusted results. For the first quarter of 2024, GAAP results include a total charge of $110 million, or $0.13 per diluted share, comprised of after-tax transformation and other charges of $75 million and a non-cash after-tax impairment charge of $35 million, driven by plans to consolidate certain acquired brands within our healthcare portfolio. A reconciliation to GAAP financial results is available on the UPS Investor Relations website and also available in the webcast of today's call.
Following our prepared remarks, we will take questions from those joining us via the teleconference. [Operator Instructions] Please ask only one question so that we may allow as many as possible to participate. You may rejoin the queue for the opportunity to ask an additional question....
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United Parcel Service, Inc. (UPS) Q1 2024 Earnings Call Transcript