UPS misses by $0.06, reports revs in-line; guides FY17 EPS below consensus:
- Reports Q4 (Dec) earnings of $1.63 per share, excluding large pension charge, $0.06 worse than the Capital IQ Consensus of $1.69; revenues rose 5.5% year/year to $16.93 bln vs the $16.99 bln Capital IQ Consensus.
- US Domestic: Revenue increased $648 million to $10.9 billion, a 6.3% increase over 4Q15. Average daily shipments increased 5.0% to 19.6 million. 4Q 2016 operating loss of $570 million; adjusted operating profit was $1.3 billion.
- Co issues downside guidance for FY17, sees EPS of $5.80-6.10 vs. $6.16 Capital IQ Consensus Estimate; the currency drag lowers the adjusted diluted EPS by $0.30 in 2017, and decreases the EPS growth rates by ~500 basis points.
- "The investments in ORION and automation provided benefits during the quarter," said Richard Peretz, UPS chief financial officer. "However, bottom-line results were challenged by a shift in product mix and the continued softness in industrial production. Strong growth, combined with our network investments, provide UPS with great opportunities for many years to come."
- Peer: FDX; customer: AMZN.
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