QUARTERLY INFORMATION (unaudited)
Our revenue, segment operating profit, net income, basic and diluted earnings per share on a quarterly basis are presented below (in millions, except per share amounts):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter |
| 2013 | | 2012 | | 2013 | | 2012 | | 2013 | | 2012 | | 2013 | | 2012 |
Revenue: | | | | | | | | | | | | | | | |
U.S. Domestic Package | $ | 8,271 |
| | $ | 8,004 |
| | $ | 8,241 |
| | $ | 8,058 |
| | $ | 8,254 |
| | $ | 7,861 |
| | $ | 9,308 |
| | $ | 8,933 |
|
International Package | 2,978 |
| | 2,966 |
| | 3,062 |
| | 3,014 |
| | 3,017 |
| | 2,943 |
| | 3,372 |
| | 3,201 |
|
Supply Chain & Freight | 2,185 |
| | 2,166 |
| | 2,204 |
| | 2,277 |
| | 2,250 |
| | 2,267 |
| | 2,296 |
| | 2,437 |
|
Total revenue | 13,434 |
| | 13,136 |
| | 13,507 |
| | 13,349 |
| | 13,521 |
| | 13,071 |
| | 14,976 |
| | 14,571 |
|
Operating profit (loss): | | | | | | | | | | | | | | | |
U.S. Domestic Package | 1,085 |
| | 995 |
| | 1,132 |
| | 1,134 |
| | 1,186 |
| | 129 |
| | 1,200 |
| | (1,799 | ) |
International Package | 352 |
| | 408 |
| | 451 |
| | 454 |
| | 417 |
| | 449 |
| | 537 |
| | (442 | ) |
Supply Chain & Freight | 143 |
| | 166 |
| | 159 |
| | 202 |
| | 201 |
| | 188 |
| | 171 |
| | (541 | ) |
Total operating profit (loss) | 1,580 |
| | 1,569 |
| | 1,742 |
| | 1,790 |
| | 1,804 |
| | 766 |
| | 1,908 |
| | (2,782 | ) |
Net income (loss) | $ | 1,037 |
| | $ | 970 |
| | $ | 1,071 |
| | $ | 1,116 |
| | $ | 1,097 |
| | $ | 469 |
| | $ | 1,167 |
| | $ | (1,748 | ) |
Net income (loss) per share: | | | | | | | | | | | | | | | |
Basic | $ | 1.09 |
| | $ | 1.01 |
| | $ | 1.14 |
| | $ | 1.16 |
| | $ | 1.17 |
| | $ | 0.49 |
| | $ | 1.26 |
| | $ | (1.83 | ) |
Diluted | $ | 1.08 |
| | $ | 1.00 |
| | $ | 1.13 |
| | $ | 1.15 |
| | $ | 1.16 |
| | $ | 0.48 |
| | $ | 1.25 |
| | $ | (1.83 | ) |
Operating profit for the quarter ended March 31, 2013 was impacted by two items: (1) The termination fee and transaction-related expenses for our proposed acquisition of TNT Express, and (2) The foreign currency gain realized upon the liquidation of a subsidiary that would have been used to acquire the shares of TNT Express. These two items are discussed further in note 15. The combination of these two items reduced the operating profit for the International Package segment by $39 million, increased net income by $36 million, and increased basic and diluted earnings per share by $0.04.
Operating profit for the quarter ended September 30, 2012 was impacted by a charge for the establishment of a withdrawal liability related to our withdrawal from the New England Teamsters and Trucking Industry Pension Fund, a multiemployer pension plan. This charge reduced the operating profit for the U.S. Domestic Package segment by $896 million, net income by $559 million and basic and diluted earnings per share by $0.58.
Operating profit for the quarter ended December 31, 2012 was impacted by a mark-to-market loss on our pension and postretirement benefit plans related to the remeasurement of plan assets and liabilities recognized outside of a 10% corridor of $4.831 billion (allocated as follows—U.S. Domestic Package $3.177 billion, International Package $941 million, Supply Chain & Freight $713 million). This loss reduced net income by $3.023 billion, and basic and diluted earnings per share by $3.16.
