FEDERAL EXPRESS SEES PROFITS DROP.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Federal Express said Monday Monday: see week. that its first-quarter earnings fell 17 percent from a year ago, hurt by higher costs for fuel and equipment maintenance. The cargo airline This article is about the general type of air carrier. For the Israeli cargo airline, see CAL Cargo Air Lines. Cargo airlines (or airfreight carriers, and derivatives of these names) are airlines dedicated to the transport of cargo. earned $62 million, or $1.08 a share, down from $75.3 million, or $1.33 a share, in the same period a year ago. Sales for the quarter were $2.7 billion, up from $2.5 billion. Alan B. Graf Jr., the company's chief financial officer, said jet fuel prices increased $15 million during the quarter while equipment maintenance expenses were up about $44 million over last year. The maintenance increase was due mostly to unusually low expenses for the same period the previous year, not by any major equipment breakdowns, he said. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the company's international business was $3.7 million, down from $23.7 million last year. |
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