Profitability is improving, ... By operating each of the FDX subsidiaries independently to compete in distinct market segments, we bring the most appropriate services and cost structure to each customer segment.
Deteriorating economic conditions and the rapid decline in the high-tech and other durable goods industries have increasingly affected FedEx Express volumes,
Volume growth accelerated at the end of (the second quarter) and has continued to accelerate in quarter three.
This quarter's results reflect the competitive strength of our diversified and expanded portfolio of services, as well as outstanding expense management across all our companies,
Continuing weak economic conditions, particularly in the high-tech and durable goods sectors sharply reduced demand for our express services.
Continued good strong cost management will be implemented in the fourth quarter,
We're proud of our fourth quarter, and we're back.
We intend to continue to manage the company's cost structure to remain profitable in the second quarter and the remainder of fiscal 2002,
We believe our product offerings are complementary. We have virtually no presence in the lightweight preferred market, so we don't really compete with the postal service there,
We have not seen the global economy improve and we're not expecting it to in the (fiscal) first quarter or maybe the 2Q as well,