UPS posted first-quarter net income of $401 million, down 55.7% from a $906 million net profit in the year-ago period, and revealed yesterday that it retired its entire fleet of 44 DC-8 freighters during the three months ended March 31. It said the fleet grounding was "earlier than expected" but reflects the current weak demand environment and its desire to become a "leaner, more efficient enterprise." It took a $181 million charge in the quarter to retire the aircraft. Despite the steep ...

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