OREANDA-NEWS. For the first quarter, the FedEx Freight segment reported:
* Revenue of USD 1.60 billion, essentially flat with last year's USD 1.61 billion
* Operating income of USD 132 million, down 21% from USD 168 million a year ago
* Operating margin of 8.2%, down from 10.4% the previous year

Less-than-truckload (LTL) average daily shipments declined 1% due to weak industry demand. LTL revenue per shipment was down 1% as higher rates from yield initiatives were more than offset by lower fuel surcharges.

Operating results declined primarily due to salaries and employee benefits expense outpacing lower-than-anticipated volume.