Excerpts from the Q&A session (Seeking Alpha transcript):
Thomas R. Wadewitz - JP Morgan Chase & Co, Research Division
Let's see. I wanted to ask you about the, let's see, the restructuring in a sense that you gave us some initial information on fleet reduction, it sounded like in that release that a lot of the aircraft that you were reducing or retiring were actually already parked. And I think one of the things we're trying to figure out is what's the magnitude of potential capacity takeout that you have. So I understand you're saving a lot of this for the fall, but I was wondering if you could give us kind of a directional comment on what -- how big is the opportunity to actually take out capacity in Domestic Express.
R1a: Bringing up the 800 lb gorilla so soon...
Frederick W. Smith
I think we'll wait until the fall to talk about that because it's a comprehensive program and I'm not sure we could do it justice here on a telephone call.
R1a: Volumes are spoken with just a mere sentence....
Justin B. Yagerman - Deutsche Bank AG, Research Division
When you guys think about your networks, as I see them right now, I mean, especially in Express, in the domestic market, how much of what's being moved in the Express market could really find a home in Ground? And I guess, as you've seen this accelerated Ground growth and continue to see strong margin improvement there, Fred, I think you talked to getting to a 20% goal last quarter. You're there now. Where does the bogey move to? So a 2-part question, how much from Express could move into Ground? And as you get that density, how much better can Ground margins get?
R1a: Gee, either he or I are really adept at seeing a trend (maybe its both).... Folks, if the big institutional investors are asking these questions, they already know the answers, they are just looking at timing so they know when the value of the stock will shift.
Frederick W. Smith
...We work with customers to put their products in the right network that's going to benefit them and, of course, benefit FedEx as well.
R1a: I've been saying this for quite awhile now... Any doubters still exist????