United Parcel Service, Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total revenues of $14,166 million compared with $13,421 million for the same period a year ago. Total operating profit of $1,197 million compared with $1,672 million for the same period a year ago. Income before income taxes of $1,109 million compared with $1,588 million for the same period a year ago. Net income of $725 million or $0.74 per diluted share compared with $1,025 million or $1.02 per diluted share for the same period a year ago. On adjusted basis, the company reported total operating profit of $2,024 million compared with $1,726 million for the same period a year ago. Income before income taxes of $1,936 million compared with $1,642 million for the same period a year ago. Net income of $1,252 million or $1.28 per diluted share compared with $1,068 million or $1.06 per diluted share for the same period a year ago. The impact of the change in pension accounting to a mark-to-market methodology improved fourth quarter 2011 adjusted results by $0.03 and reduced fourth quarter adjusted 2010 results by $0.02. For the full year, the company reported total revenues of $53,105 million compared with $49,545 million for the same period a year ago. Total operating profit of $6,080 million compared with $5,641 million for the same period a year ago. Income before income taxes of $5,776 million compared with $5,290 million for the same period a year ago. Net income of $3,804 million or $3.84 per diluted share compared with $3,338 million or $3.33 per diluted share for the same period a year ago. On adjusted basis, the company reported total operating profit of $6,874 million compared with $5,722 million for the same period a year ago. Income before income taxes of $6,570 million compared with $5,371 million for the same period a year ago. Net income of $4,311 million or $4.35 per diluted share compared with $3,495 million or $3.48 per diluted share for the same period a year ago. UPS achieved record earnings per share in a volatile global operating environment where trends varied by region, said Kurt Kuehn, UPS's chief financial officer. This was made possible by its balanced world-wide presence, broad portfolio of solutions and the best people in the business. During 2011, UPS generated more than $5 billion in free cash flow, after making capital expenditures of $2.0 billion and pension contributions of $1.4 billion. Net cash from operations was $7,053 million. Looking to 2012, the company expectations are for mixed economic growth around the world, with modest improvement in the U.S. However, UPS projects another strong year of earnings. The company expected diluted earnings per share to be within a range of $4.75 to $5.00, an increase of 9% to 15% over adjusted 2011 results. The company expected capital expenditures for 2012 to be approximately $2.2 billion. The company expects strong cash flow conversion to continue, exceeding 100% of net income.