United Parcel Service, Inc. (NYSE:UPS) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET
Corporate Participants
PJ Guido - Investor Relations Officer
Carol Tome - Chief Executive Officer
Brian Newman - Executive Vice President and Chief Financial Officer
Conference Call Participants
Chris Wetherbee - Citigroup
Allison Poliniak - Wells Fargo
David Vernon - Bernstein
Jordan Alliger - Goldman Sachs
Tom Wadewitz - UBS
Joe Hafling - Jefferies
Ken Hoexter - Bank of America
Scott Group - Wolfe Research
Amit Mehrotra - Deutsche Bank
Christyne McGarvey - Morgan Stanley
Jeff Kauffman - Vertical Research Partners
Brandon Oglenski - Barclays
Brian Ossenbeck - JPMorgan
Operator
Good morning. My name is Steven and I will be your conference facilitator today. I would like to welcome everyone to the UPS Investor Relations Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. And after the speakers' 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 third quarter 2023 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 the 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 2022 Form 10-K and other reports we filed with, or furnished 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 third quarter of 2023, GAAP results include an after-tax charge of $219 million, or $0.26 per diluted share, comprised of a one-time payment of $46 million to certain US-based non-union part-time supervisors, transformation and other charges of $70 million, and non-cash goodwill impairment charges of $103 million.
A reconciliation to GAAP financial results is available on the UPS Investor Relations website along with 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.