FedEx Express to suspend 'multiple international flights', may retire additional aircraft

17 December, 2019

FedEx Express recorded (17-Dec-2019) asset impairment charges of USD66 million in Q2FY2020, ended 30-Nov-2019, related to the permanent retirement of 10 A310-300F aircraft and 12 related engines. During the remainder of FY2020, FedEx Express will make further network capacity changes by reducing flight hours. The company continues to evaluate whether additional aircraft retirements are warranted. FedEx president and COO Rajesh Subramaniam commented: "We are also taking immediate actions to address the short term challenges facing our business, including eliminating multiple international flights to reflect reduced global air freight demand. These actions combined with benefits from the TNT integration should allow FedEx Express to enter fiscal 2021 with profit improvement underway". [more - original PR]