UPS 2004 Annual Report Download - page 9
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While favorable currency translation contributed
to profitability gains, it accounted for only $54
million of the $412 million increase in profits.
The strong profitability improvement was driven
by a number of factors, including excellent operations
and network management, improving economies of
scale that come with vibrant growth, an enhanced mix
of express packages and heavy cargo, higher yields
attributable to the value customers derive from our
service and technology solutions, and an extensive
product and service offering.
(continued on page 12)
In 2004, UPS strengthened its global small
package position; average daily volume increased
3.7 percent for the year. That’s the equivalent of
498,000 additional packages every day. Overall in
2004, UPS handled the most volume ever in its
97-year history.
International operations achieved dramatic
gains in 2004, as export volume increased 12.5
percent, operating profit was over $1 billion for the
first time, and operating margins increased to 16.6
percent — by far the best in the industry.