UPS Inc. said its fourth-quarter normalized net income came to a loss of 36 cents per share, compared with the S&P Capital IQ consensus estimate of $1.69 per share.
The per-share result swung to a loss from the prior-year profit of $1.39.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $314.4 million, compared with income of $1.24 billion in the year-earlier period.
The normalized profit margin dropped to negative 1.9% from 7.7% in the year-earlier period.
Total revenue climbed 5.5% on an annual basis to $16.93 billion from $16.05 billion, and total operating expenses rose 24.0% on an annual basis to $17.35 billion from $13.99 billion.
Reported net income totaled a loss of $238.9 million, or a loss of 27 cents per share, compared with income of $1.33 billion, or $1.48 per share, in the year-earlier period.
For the year, the company's normalized net income totaled $3.64 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $5.82.
EPS declined from $5.10 in the prior year.
Normalized net income was $3.23 billion, a fall from $4.63 billion in the prior year.
Full-year total revenue rose from the prior-year period to $60.91 billion from $58.36 billion, and total operating expenses rose on an annual basis to $55.43 billion from $50.70 billion.
The company said reported net income decreased on an annual basis to $3.43 billion, or $3.87 per share, in the full year, from $4.85 billion, or $5.35 per share.
