UPS 2011 Annual Report Download - page 9

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As we begin 2012, growth
in the Euro zone and
Asia is slowing, while the
United States economy is
improving at a modest rate.
Our expectation is for
mixed economic growth
around the world in 2012.
Overall we expect global
economic expansion to be
slightly weaker than 2011.
In spite of the macro outlook, UPS expects another
record performance, with earnings per share in a
range of $4.75 to $5.00. That’s an increase of 9 to 15
percent over 2011 adjusted* earnings of $4.35.
New Opportunities
I remain confident that our competitive differentiators
are sustainable for the long term. Our brand is respected
around the world, and our global investments have
positioned us to benefit from economic growth and
expanding global commerce. Our superior worldwide
capabilities are unique in our industry. In our long
history, our heritage and legacy of intellectual property
is difficult to match. Our track record of strong cash
generation will continue to provide us with opportunities
to reinvest and reward shareowners. Finally, our strong
culture of reinventing our business model will ensure
we meet the ever-changing needs of supply chains
around the world.
We have put another great year in the books and now
look with excitement at new opportunities in 2012.
UPSers are ready to deploy our assets and know-how to
provide competitive advantages for our customers. At
the same time, our investors should enjoy another year
of record earnings per share. UPS is uniquely positioned
to capitalize on economic expansion, demographic
changes, and market development around the world.
D. Scott Davis
Chairman and Chief Executive Officer
UPS 2011 ANNUAL REPOR T
07
future
Diluted Earnings Per Share
(dollars)
3
4
5
2
1
0
07 08 09 10 11
4.23
3.58
2.13
Adjusted*
3.48
4.35
0.47
0.64
1.96
3.33
3.84
GAAP
Share Repurchase Expenditures
(billions of dollars)
3
4
2
1
0
07 08 09 10 11
2.6
3.6
0.6 0.8
2.7
5
Our brand is respected around the world and
our investments have positioned us to benefit
from economic growth.