Airborne Sees Net Income Rise

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Fourth-quarter net income at Airborne Inc. was $12.2 million, up from $2.2 million a year earlier, the company said Friday.

The company is the parent of Airborne Express, the third-largest U.S. express delivery company.

Revenue was $897 million, up 11.5 percent from $805 million in fourth-quarter 2001. Domestic revenue rose 10.1 percent to $792.5 million, while international revenue increased 23.3 percent to $104.4 million.

Total volume increased 15 percent to 94.8 million shipments. Domestic shipments rose 14.9 percent. Ground delivery and a residential delivery service in cooperation with the U.S. Postal Service accounted for 24 percent of domestic shipments.

The company said it remains cautious because the economy does not show signs of sustained strength. Echoing comments from others in the industry, Airborne forecast a decline in air express volumes for 2003 and said it will seek better margins as it tries to increase ground delivery volumes.


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