United Parcel Service, Inc. (NYSE:UPS) Q3 2024 Earnings Conference Call October 24, 2024 8:30 AM ET
Company Participants
PJ Guido - IR Officer
Carol Tome - CEO
Brian Dykes - CFO
Matt Guffey - EVP and Chief Commercial & Strategy Officer
Nando Cesarone - EVP and President U.S.
Kate Gutmann - EVP and President International, Healthcare and Supply Chain Solutions
Conference Call Participants
David Vernon - Bernstein
Brian Ossenbeck - JPMorgan
Chris Wetherbee - Wells Fargo
Tom Wadewitz - UBS
Jordan Alliger - Goldman Sachs
Bascome Majors - Susquehanna
Ari Rosa - Citigroup
Scott Group - Wolfe Research
Stephanie Moore - Jefferies
Joe Enderlin - Stephens
Brandon Oglenski - Barclays
Adam Rakowski - Bank of America
Ravi Shankar - Morgan Stanley
Operator
Good Morning, my name is Greg Alexander, and I will be your facilitator today. I would like to welcome everyone to the UPS Third Quarter 2024 Earnings Conference Call. [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 2024 earnings call.
Joining me today are Carol Tome, our CEO; Brian Dykes, 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 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 today refers to non-GAAP adjusted results.
For the third quarter of 2024, GAAP results include an after-tax net gain of $36 million or $0.04 per diluted share, comprised of a $152 million gain from the divestiture of our Coyote Logistics business, net of transformation strategy costs of $116 million. Transformation strategy costs consisted of after-tax costs of $81 million related to our Fit to Serve program and $35 million related to our Transformation 2.0 program. Additional detail on our transformation costs and initiatives as well as a reconciliation of non-GAAP adjusted amounts to GAAP financial results is available in today's webcast materials. These materials will also be available on the UPS Investor Relations website.