UPS Misses Consensus Expectations, Normalized Results Flattish; Maintain our FVE
The market may frown on UPS’ slight revenue and earnings miss, but nothing in its first-quarter earnings report was much of a surprise to us, and we maintain our valuation assumptions and wide moat rating. Overall revenue was flat year over year and operating income (excluding restructuring costs) was also flat, with the 8% decline in adjusted EBIT in domestic offsetting a 24% increase in supply chain and freight. Management affirmed its existing guidance, which implies double-digit operating pr...United Parcel Service provides transportation services, primarily domestic and international letter and package delivery. The company reports its operations in three segments: United States Domestic Package, which includes the time-definite delivery of letters, documents and packages throughout the United States; International Package, which includes delivery to several countries and territories worldwide, including shipments wholly outside the United States, as well as shipments with either origin or destination outside the United States; and Supply Chain & Freight, which includes the company's Forwarding, Logistics, Coyote, Marken, UPS Mail Innovations, UPS Freight and other aggregated business units.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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