FEDEX has revealed in its fiscal fourth-quarter results that it has retired twenty-two of its Boeing 757 freighters as it looks to better match capacity to market demand, reports London's Air Cargo News.
The move sees the express giant reduce its 757F fleet to 92 aircraft as of May 31, compared with 115 at the same time last year. Seven engines related to the aircraft were also retired.
In addition, the company has also retired nine MD-11Fs over the last fiscal year as previously announced.
While 31 of its larger freighters have been retired over the past year, it has also taken delivery of ten Boeing 767 freighters and four Boeing 777 freighters.
The company's total trunk aircraft fleet now stands at 389 compared with 407 last year.
'This reflects our strategy to continue to right-size our air network capacity with demand and unlock additional operating efficiencies,' explained chief financial officer John Dietrich.
The retirement of the 757 aircraft resulted in an impairment charge of US$157 million.
The move comes as fourth-quarter operating profits at the express business slipped by 53.2 per cent year on year to $201 million while revenues were flat at $10.4 million.
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The move sees the express giant reduce its 757F fleet to 92 aircraft as of May 31, compared with 115 at the same time last year. Seven engines related to the aircraft were also retired.
In addition, the company has also retired nine MD-11Fs over the last fiscal year as previously announced.
While 31 of its larger freighters have been retired over the past year, it has also taken delivery of ten Boeing 767 freighters and four Boeing 777 freighters.
The company's total trunk aircraft fleet now stands at 389 compared with 407 last year.
'This reflects our strategy to continue to right-size our air network capacity with demand and unlock additional operating efficiencies,' explained chief financial officer John Dietrich.
The retirement of the 757 aircraft resulted in an impairment charge of US$157 million.
The move comes as fourth-quarter operating profits at the express business slipped by 53.2 per cent year on year to $201 million while revenues were flat at $10.4 million.
SeaNews Turkey
