FedEx deactivates 17 more aircraft as cost controls pay off [Yahoo! Finance]
FedEx Corporation (FDX)
Last fedex corporation earnings: 3/17 04:03 pm
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Source: Yahoo! Finance
initiative that helped the parcel titan to better-than-expected operating profit in the third quarter despite lower revenue. Besides being cautious with aircraft utilization and investments, the Express unit expects to increase savings and yields by turning a portion of the fleet into an extension of the company's large U.S. and European less-than-truckload business, management explained during Thursday's earnings briefing. And hanging in the balance is a reworked U.S. Postal Service contract that could also help the bottom line. FedEx Express (NYSE: FDX ) has 37 deactivated cargo aircraft, 17 more than in the third quarter, because of the soft demand environment. It will retire nine aging MD-11 aircraft, as planned, in the quarter that ends May 31, Chief Financial Officer John Dietrich told analysts. The grounding of three dozen aircraft is a temporary response to the lukewarm air cargo market and lower international package volumes, but FedEx also delivered long-term savings.
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