We managed the network with agility, we drove productivity and we stayed on strategy. We increased penetration in the most attractive parts of the market. In response, we focused on controlling what we could control. Outside of the U.S., export activity out of Asia remained weak, which negatively impacted revenue in both international and supply chain solutions. discretionary sales are lagging grocery and consumable sales and disposable income is shifting away from goods to services. In the U.S., relative to our base plan, volume was higher than we expected in January, close to our plan in February, and then moved significantly lower than our plan in March as retail sales contracted and we saw a shift in consumer spending.įor example, food as a percentage of household budgets reached 9% in the first quarter compared to 7% a couple of years ago. 2023 is proving to be an interesting year.
BERKELEY UPC CONFERENCE DRIVERS
Congratulations to these drivers on their achievement. This year we inducted more than 1,200 UPS drivers into the Circle of Honor, bringing the total to more than 10,400 around the globe. Our Circle of Honor program recognizes drivers who have achieved 25 years or more of accident-free driving. UPS drivers are among the safest in the industry and every year we invest millions of dollars in safe driving education and training. It is one of our values and I’m proud of our team who continue to make it a key priority. Let me begin by thanking UPSers for once again delivering industry-leading service to our customers. You may rejoin the queue for the opportunity to ask an additional question.Īnd now, I’ll turn the call over to Carol. Please ask only one question so that we may allow as many as possible to participate.
Following our prepared remarks, we will take questions from those joining us via the teleconference. A reconciliation to GAAP financial results is available on the UPS Investor Relations website along with the webcast of today’s call. For the third quarter of 2023, GAAP results include after-tax transformation and other charges of $9 million or $0.01 per diluted share. Unless stated otherwise, our discussion refers to adjusted results. These reports, when filed, are available on the UPS Investor Relations website and from the SEC. These statements are subject to risks and uncertainties, which are described in our 2022 Form 10-K and other reports we file with or furnish to the Securities and Exchange Commission. Joining me today are Carol Tomé, our CEO Brian Newman, our CFO and a few additional members of our executive leadership team.īefore we begin, I want to remind you that some of the comments we’ll make today are forward-looking statements within the federal securities laws and address our expectations for the future performance or operating results of our company. Good morning, and welcome to the UPS first quarter 2023 earnings call. It’s now my pleasure to turn the floor over to our host, Mr. And after the speakers’ remarks, there will be a question-and-answer period. All lines have been placed on mute to prevent any background noise. I would like to welcome everyone to the UPS Investor Relations First Quarter 2023 Earnings Conference Call. My name is Steven and I will be your facilitator today. ( NYSE: UPS) Q1 2023 Earnings Conference Call Ap8:30 AM ET
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