And just the airline side of things....
FedEx Express Segment
For the fourth quarter, the FedEx Express segment reported:
Revenue of $6.37 billion, up 9% from last year’s $5.83 billion
Operating income of $426 million, down 31% from $613 million last year
Operating margin of 6.7%, down from 10.5% the previous year
IP package revenue grew 16% for the quarter, as IP revenue per package grew 11%, primarily due to higher fuel surcharges and favorable exchange rates. IP average daily package volume grew 6%, led by increases in volume from Asia, the United States and Europe. U.S. domestic revenue per package increased 9% due to increased fuel surcharges and higher rate per pound, while package volume declined by 3%.
Operating income and margin were negatively impacted by continued softness in the U.S. economy, escalating fuel prices and one fewer operating day, which more than offset the benefits of international revenue growth and exchange rates. Last year’s fourth quarter results benefited from the Airbus A380 settlement.