The last first quarter?

TNT Express today reported its financial and operating results for the first quarter of 2015. Given that FedEx’s acquisition of TNT will likely close “in the first half of 2016,” it is possible that this will be TNT’s last first quarter. Of course, we said much the same thing several years ago when UPS appeared […]
  • David Harris
  • April 28, 2015

The worldwide express fleet: Part III

Two days ago, we began a three-part look at the jet freighter fleet operated by, or for, the integrated express companies. Part I looked at the way the combined fleet has changed over time, while Part II summarized the changes on a company-by-company basis. Today we look ahead at how the fleet will evolve in the coming […]
  • David Harris
  • April 17, 2015

The worldwide express fleet: Part II

Yesterday, we began a three-part look at the jet freighter fleet operated by, or for, the integrated express companies. Part I looked at the way the combined fleet has changed over time, but there were also significant changes on a company-by-company basis, and that is what we will examine today, starting with the smallest of the […]
  • David Harris
  • April 16, 2015

The worldwide express fleet

Today, we begin a three-part analysis of the worldwide express freighter fleet. Over the next two days will look at the fleet on a company-by-company basis, and conclude with our thoughts on how the fleet will evolve in the future. But today we start with a look at the overall fleet of jet freighters used now […]
  • David Harris
  • April 15, 2015

What next for TNT Airways?

EU law will require FedEx to divest the TNT Airways fleet if its takeover of TNT Express is allowed to proceed. But just what is that fleet, and what will happen to it when it is divested? We last visited this subject in 2012, when UPS and TNT were going through what FedEx and TNT […]
  • David Harris
  • April 8, 2015

FedEx offers €4.4 billion for TNT

“It’s déjà vu all over again.” Or is it? Do the words of the famous American philosopher Yogi Berra apply to FedEx’s offer to buy TNT? Or is it significantly different from UPS’ attempt to do the same thing two years ago? (An attempt that was torpedoed by the European Commission on the grounds that […]
  • David Harris
  • April 7, 2015

TNT’s turnaround – a work in progress

TNT reported a net fourth-quarter loss of €137 million, a substantial decline from the €32 million profit reported in 4Q13. As shown in the charts at right, revenue in the quarter was up 1.6% to €1.79 billion, and reported operating income fell from €79 million in 4Q13 to a loss €53 million. TNT has once […]
  • David Harris
  • February 17, 2015

TNT increases its focus on road transport

TNT reported a net loss of EUR56 million in the third quarter of 2014, well down from a EUR6 million profit in 3Q13, as revenue declined 2.0% y-o-y to EUR1.65 billion. Operating income in the quarter went from slightly positive (EUR3 million) a year ago to a EUR47 million loss this year. The reported figures […]
  • David Harris
  • November 12, 2014
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