News Briefs - Feb. 2
The Latest Headlines:
- J.B. Hunt Reports Record 2004 Earnings
- TransForce Reports Earnings, Quebec Acquisition
- FedEx to Appeal $2.3 Mln. Sexual Harassment Ruling
- Cummins Posts Fourth-Quarter and 2004 Profits
- Crude Oil Closes at Three-Week Low
- Cattlemen's Group Presses for Ban on Canada Beef Imports
- TransForce Reports Earnings, Quebec Acquisition
J.B. Hunt Reports Record 2004 Earnings
J.B. Hunt Transport Services Inc. said late Wednesday its fourth-quarter net income was $53.4 million or 64 cents a share, compared with $26.5 million or 32 cents a year earlier.The company said its profits for 2004 were a record $180 million or $2.15 a share, up from $95 million or $1.17 a share in 2003, which had also been a record.
J.B. Hunt’s total operating revenue for the quarter was $770.8 million, an increase from $640.7 million the year before. For the full year, operating revenue was $2.8 billion, compared with $2.4 billion in 2003.
The truck segment increased its operating revenue 12.6% for the quarter and 10.3% for the year. The intermodal segment revenue rose 28% for the quarter and 19.1% for the year, the company reported.
J.B. Hunt is ranked No. 9 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
TransForce Reports Earnings, Quebec Acquisition
Canadian transportation and logistics firm TransForce Income Fund reported net income for the fourth quarter of $20.2 million Canadian or 35 cents a share, compared with C$10.7 million or 22 cents a year earlier.The company reported net income for the full year of C$64.6 million or C$1.16 a share, up from C$34 million or 71 cents for the full year 2003.
TransForce also said Wednesday it signed an agreement to acquire Services Matrec Inc., a C$125 million waste services company based in Boucherville, Quebec. Terms of the deal, scheduled to close by Feb. 28, were not disclosed.
TransForce is ranked No. 35 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
FedEx to Appeal $2.3 Mln. Sexual Harassment Ruling
A California jury awarded $2.3 million against FedEx Corp. Monday for failing to stop an employee from sexually harassing two female co-workers, Bloomberg News reported.FedEx denied wrongdoing and said it would appeal the ruling.
The Santa Clara County, Calif., awarded each of the two women $1 milllion in punitive damages, in addition to $328,000 the jury awarded last week as compensation to the women, Bloomberg said.
FedEx spokeswoman Sandra Munoz told Bloomberg there was "no basis for this claim and no basis for the award of damages. We work hard to guard against a hostile work environment and we did take decisive steps to prevent further contact between the employees involved."
FedEx is No. 2 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. Transport Topics
Cummins Posts Fourth-Quarter and 2004 Profits
Diesel engine maker Cummins Inc. said Wednesday it had fourth-quarter net income of $119 million or $2.41 a share, compared with $43 million or $1.00 a share for the same period a year earlier.For the full year the company earned $350 million or $7.39 a share, up from $50 million or $1.27 for 2003.
The company posted record net sales of $2.35 billion in the fourth quarter, a 35% increase from 2003. Its engine segment sales rose 55% in the fourth quarter, led by the North American heavy-duty truck sector, it said.
Chief Executive Officer Tim Solso said in a statement that Cummins expects its earnings before taxes to increase by at least 30% in 2005, although it projects revenue to rise only by 7% to 8%. Transport Topics
Crude Oil Closes at Three-Week Low
Light sweet crude oil futures fell 43 cents Wednesday to close at $46.69 a barrel on the New York Mercantile Exchange, the lowest close since Jan. 12, Bloomberg reported.Meanwhile, the Wall Street Journal reported Wednesday that Venezuela plans to sell its interest in eight U.S. oil refineries.
The move by President Hugo Chavez could signal reduced oil ties between the two countries, the Journal said. The U.S. buys about half of Venezuela’s oil, the paper said.
The move could help U.S. refiners, who are seeing high profit margins with high fuel prices, the Journal reported. Transport Topics
Cattlemen’s Group Presses for Ban on Canada Beef Imports
A cattlemen’s association asked a federal judge Tuesday to stop imports of live cattle from Canada because of mad-cow disease concerns, the Associated Press reported.The request came as part of a lawsuit the group filed in January against the U.S. Department of Agriculture over USDA’s plan to allow some cattle imports from Canada, which has confirmed two cases of mad cow disease since December, AP said.
A hearing on the Ranchers-Cattlemen Action Legal Fund, United Stockgrowers of America’s request for preliminary injunction is scheduled for March 2 in Billings, Mont., AP reported.
The USDA is planning to allow imports of cattle under 30 months and certain other animals and products from Canada starting March 7. Transport Topics
