Restructuring charges wiped out much of Airborne's profits in the second quarter, but growing ground delivery volumes helped the express delivery provider end the quarter in the black.
Seattle, WA-based Airborne took a restructuring charge of $2.3 million in the second quarter, cutting its net earnings to $457,000 on revenues of $810 million. For the first half of 2002, Airborne's net income rose to $5.7 million compared to a net loss of $23.4 million in the first half of 2001.
Chairman & CEO Carl Donaway said a variety of cost cutting initiatives and the expansion of its year-old ground delivery service allowed Airborne posts profits this year compared to losses in 2001.
"The ground delivery service is driving shipment volume growth, thereby changing our total shipment mix," he added.
