Airborne Loss to Be Wider Than Expected

Airborne Inc. said its first-quarter loss will be wider than the average forecast of 20 cents a share because domestic shipment growth slowed in a weaker U.S. economy. The Seattle-based operator of package hauler Airborne Express said its loss could approach the lowest estimate of 36 cents among analysts polled by First Call/Thomson Financial. Spokesman Robert Mintz declined to elaborate. Domestic shipments rose a less-than-expected 1.9% to 83.3 million in its first quarter, the company said. Rivals United Parcel Service Inc. and FedEx Corp., the world’s largest package delivery companies, cut their earnings estimates in the last month. Airborne, which said it will release full first-quarter results May 1, said it will cut 2001 capital spending from $260 million to between $200 million and $230 million. Airborne shares rose 7 cents to close at $9.06 on the New York Stock Exchange, before the announcement.