Airborne Posts 1st-Quarter Profit

Airborne Inc. reported a surprising first-quarter profit as cost cutting offset declining revenue, boosting its shares to a two-year high.

Shares of the Seattle-based rival to United Parcel Service and FedEx climbed $2.16 to $20.46 on the NYSE. Including a one-time gain of 2 cents a share, Airborne earned $5.3 million, or 11 cents a share, contrasted with a loss of $17 million, or 35 cents, during the same three months of 2001. Wall Street had forecast a 9-cent loss. Revenue fell 4.3% to $789 million.