The company's adjusted earnings before interest and tax from continuing operations fell 16% from the previous quarter to $49.5 million as revenues dropped 4.5% to $2.15 billion. Without United Parcel Service, Inc. (NYSE:UPS), TNT will have a challenging future ahead, particularly in Europe. The company's cost cutting plans, including the elimination of 4,000 jobs and divestment from less lucrative operations, are now back on the table. Earnings FedEx Corporation (NYSE:FDX) reported its 3rd quarter earnings on Mar. 20, beating revenues but failing to meet earnings estimates. Revenues rose 4% from the same quarter last year to $11 billion, which is about $150 million above estimates, while net income dropped 31% to $361 million. This translated into earnings of $1.23 per share, as opposed to that $1.38 per share that was expected. Operating income fell by 28% from $813 million to $589 million, while the company's operating margin fell to 5.4% from 7.7% last year.