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FedEx Express pilots protest on Wall Street

STORY: The union representing the pilots, the Air Line Pilots Association (ALPA) released a statement saying the protest was intended to "express continued frustrations over the lack of a new pilot contract."

About 100 pilots and supporters were on Wall Street, holding signs that read "FIX THE PENSION" and "FEDEX HAS FAILED TO DELIVER."

The pilots and FedEx have been negotiating a new contract since May 2021.

When asked to comment, FedEx Express said in a written statement that the negotiations are "a normal part of our business and have no impact on our service."

"We will continue to negotiate in good faith with our pilots and are committed to reaching an agreement that is fair to our pilots, our other team members, and all other stakeholders," the statement concluded.

On Thursday FedEx Corp outlined cost cuts of up to $2.7 billion after falling demand hammered first-quarter profits, but analysts grilled company executives with questions in an earnings call about whether steps such as parking planes and shuttering some offices were too little, too late.

The company reported that earnings per share fell 21.3% for the quarter ended Aug. 31, in line with the warning it delivered last week. It blamed a rapidly deteriorating global economy and the CFO later said he expects the weak trends to persist across most regions for the rest of the current fiscal year.