AIRBORNE’S 3Q EARNINGS FALL 34 PERCENT

   Airborne Freight Corp., the integrated air freight carrier that operates
under the name Airborne Express, reported a 34.2-percent drop in net income to $21.6 million for the third quarter.
   Year-to-date, Airborne’s net income, at $73.9 million, is off by 25.4
percent compared to 1998. Airborne attributed the weak performance to slow traffic growth in the United States and to rising fuel prices.
   Growth in the number of shipments handled by Airborne was flat in the third quarter at 80.8 million. Year-to-date Airborne has seen no growth in domestic shipments, while international shipments are up 10.3 percent.
   Airborne said jet fuel was 13 cents per gallon more expensive in the
third quarter this year compared to last, leading to a 13.7 percent
reduction in net income. The price of jet fuel jumped 10 cents a gallon
from the second quarter to the third quarter this year.
   Revenue rose 2.1 percent to $785.6 million in three months ending Sept. 30, and is up 2.2 percent at $2.3 billion for the January-September period.