Atlas Air adds FedEx to its express customer base with ACMI deal
Atlas Air has brokered a long-term agreement with FedEx for two 747-400 freighters, on an ...
FedEx has reported a net loss of $895m for the three months to the end of May, against a profit of $780m last year. It blamed “significantly higher” pension costs and the strong US dollar. Adjusted non-GAAP results however showed a net income of $754m – exactly the same as a year ago.
It announced that it would boost capital spending to $4.6bn, up 7%, to invest in its ground services in a bid to keep on top of online shopping, while continuing to be “aggressive” with acquisitions. FedEx is on track to complete the timely acquisition of TNT and expects no trouble from regulators, it said.
The group noted that it received a non-cash impairment charge of $246m in May relating to the early retirement of 15 freighters. It has also changed the retirement schedule for a further 23 aircraft as part of its profit improvement plan.
'I'm scared', says Boeing whistleblower, after two others suffer mysterious deaths
DSV could face $16m bill after helicopter is written off in haulage accident
FAK rate hikes holding, with strong demand into peak season predicted
Déjà vu as major ocean carriers scramble for tonnage and containers
Indian trade disrupted as port congestion forces liner services to skip calls
Ecommerce boom may be opening the doors for smugglers
Don't get too confident for Q2, market risks haven't disappeared, warns Yang Ming chief
Comment on this article