AIRBORNE EXPRESS SUFFERS 55% FALL IN 4TH QUARTER EARNINGS

AIRBORNE EXPRESS SUFFERS 55% FALL IN 4TH QUARTER EARNINGS    Airborne Freight Corp., the integrated air freight carrier that operates under the name Airborne Express, reported a 55-percent drop in fourth-quarter net earnings, to $17.3 million.
   The result compares with net earnings of $38.3 million in the fourth quarter of 1998,
   Earnings from operations for the latest quarter were $27.7 million, down from $63 million in the fourth quarter of 1998.
   In the fourth quarter, domestic revenues increased by 1 percent, to $709 million, and international revenues rose by 5 percent, to $96.9 million. Total revenues for the quarter were $805.9 million, up 2 percent.
   For the whole year, Airborne reported net earnings of $91.2 million, down 34 percent from the 1998 earnings of $137.3 million.
   Earnings from operations for the year dropped to $160 million, from $234.5 million in 1998.
   Total revenues for 1999 grew by 2 percent, to $3.14 billion. Domestic revenues for the year increased by 2 percent, to $2.77 billion, and international revenues were up by 1 percent, to $367.4 million.
   Airborne said that shipments for 1999 totaled 323.4 million, marginally higher than the 323.0 million volume for 1998. Domestic shipments in 1999 were 316.4 million, compared to 316.6 million for 1998. International shipments experienced a 9-percent increase with 1999 figures reaching 7 million, as compared to the 1998 shipments of 6.5 million.
   Airborne Express blamed lack of growth in domestic shipments handled by the company and the high cost of jet fuel for the fall in its earnings.