It's not much of a surprise that the ongoing economic turmoil – globally and domestically – is hurting both the revenues and earnings of a wide variety of freight transportation companies. What is interesting is that many are managing to stay in the black, albeit by making large cost cuts in operations, capital spending, and a myriad of other areas.

"The continuing deterioration in global economic activity resulted in decreased revenue and profitability in all business segments," said Scott Davis, chairman & CEO of United Parcel Service, adding that the company's revenue was off 13.7% at $10.9 billion in the first quarter this year compared to the same period in 2008. As a result, earnings dropped to 52 cents per share versus 87 cents per share in the first quarter last year.

Still, Davis noted that UPS is maintaining its small package margins, has expanded its market share both domestically and overseas, and continues to generate strong cash flow. However, it is scaling back 2009 capital spending by an additional $200 million, bringing the total to just below $2 billion, he said.

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