Here's 2 more articles that also blame the pilots:

Ground Package Volume Increases 14 Percent
MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corporation (NYSE: FDX) today
reported earnings of $1.64 per diluted share for the second quarter ended
November 30, compared to $1.53 per diluted share a year ago. The quarter’s
results included costs associated with the new pilot labor contract at FedEx
Express. The net effect of this agreement reduced second quarter earnings by
approximately $0.25 per diluted share. Excluding these costs, second quarter
earnings were $1.89 per diluted share, an increase of 24% from last year’s
second quarter.

--------------------------------------------------------------------------

FedEx Express Segment

For the second quarter, the FedEx Express segment reported:

Revenue of $5.69 billion, up 6% from last year’s $5.37 billion
Operating income of $502 million, up 5% from $476 million a year ago
Operating margin of 8.8%, down from 8.9% the previous year
Operating margin was negatively affected by costs associated with the new
pilot labor contract. The new contract includes signing bonuses and other
upfront compensation of approximately $143 million, as well as pay increases
and other benefit enhancements, which were partially mitigated by reductions
in variable incentive compensation. These costs more than offset the benefit
from revenue growth, declining fuel prices and revenue management actions.