News Briefs - Feb. 4
The Latest Headlines:
- Ryder Reports Increased Fourth-Quarter Earnings
- Rail Traffic Rises, Stemming Two-Week Decline
- Air Cargo Shipments Rise 11.4% in December
- Senate Panel Approves Class-Action Lawsuit Bill
- W. Va. Reportedly to Add Portable Tollbooths
- Chinese Oil Demand Could Keep Prices High, Journal Says
- Rail Traffic Rises, Stemming Two-Week Decline
Ryder Reports Increased Fourth-Quarter Earnings
Ryder System Inc. Friday reported fourth-quarter net income of $62.6 million or 96 cents a share, compared with $39.4 million or 61 cents a year earlier.Revenue for the quarter was $1.36 billion, up 11% from the fourth quarter of 2003, the company said in a statement.
Ryder said the increase in revenue was led by its fleet management solutions segment, which had a 17% rise in the quarter. The quarter’s earnings included a charge of 3 cents per share for the termination of an information technology contract, the company said.
For 2004, the company earned $215.6 million or $3.28 a share, up from $131.4 million or $2.06 a year earlier. Full-year revenue rose 7% to $5.15 billion, Ryder said.
Ryder is ranked No. 5 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Rail Traffic Rises, Stemming Two-Week Decline
Rail carloadings rose 2.1% for the week ended Jan. 29 compared with the same week last year, halting two straight weeks of year-over-year declines, the Association of American Railroads reported Feb. 3.Railroad volume is considered an important economic indicator. Rail carloadings rose by 1.3% East and 2.8% in the West, the trade group said.
Rail intermodal trailer and container traffic rose 8.1% for the week, AAR said. For the month of January, shipments of intermodal trailers rose 5.2% over last January, while container shipments grew by 8.2%.
Intermodal traffic, which tends to be higher-valued merchandise than bulk commodities, uses trains for the long haul and trucks for the shorter distance at either end of the trip. Transport Topics
Air Cargo Shipments Rise 11.4% in December
Total air cargo shipments rose 11.4% in December compared with a year earlier, the highest monthly increase for 2004, the Air Transport Association reported.Air cargo shipments always have a trucking component, since air carriers use trucks for local and regional ground transportation.
Overall December cargo shipments increased to 2.25 billion revenue ton-miles. A revenue ton-mile is the revenue generated by carrying one ton of freight one mile.
December domestic shipments rose 7.3% compared with a year earlier, the highest increase since March. International shipments rose 15.9%, the biggest jump for the year, the group said.
For the full year, overall air shipments rose 7.6%, with domestic rising 4.4% and international increasing 10.9%. Transport Topics
Senate Panel Approves Class-Action Lawsuit Bill
The Senate Judiciary Committee approved a bill backed by business groups that would allow corporations to move more class-action lawsuits from state to federal courts, the Wall Street Journal reported Friday.Three Democrats joined all of the committee’s 10 Republicans in the 13-5 vote, which was passed over the objections of labor and consumer groups, the Journal said.
Senate Majority Leader Bill Frist (R-Tenn.) was hopeful the bill could be passed in the spring, the paper reported.
If passed, many, but not all, class-action suits could be moved to federal jurisdictions, where corporations could have a better chance of defending themselves, the Journal said. Transport Topics
W. Va. Reportedly to Add Portable Tollbooths
State officials plan to install portable tollbooths along the West Virginia Turnpike to keep traffic moving on the 88-mile highway during peak holiday periods, the Associated Press reported.Adding tollbooths and restriping entrances to the highway’s three toll barriers should increase traffic flow by 20%, Alan Susman, chairman of the West Virginia Parkways Economic Development and Tourism Authority's facilities committee, told AP.
Traffic at the turnpike's barriers can back up for miles in peak periods, AP said, with the worst tie-ups south of Charleston.
Authority members selected the portable tollbooth and restriping option Thursday because it would cost just $77,500 initially, plus $13,400 for installation, AP reported. Transport Topics
Chinese Oil Demand Could Keep Prices High, Journal Says
China’s international oil deals and expanding demand could help keep crude oil prices high for the forseeable future, the Wall Street Journal reported Friday.Jeffrey Logan, an energy analyst with the International Energy Agency, told the Senate Energy Committee that China’s plans to fill its own version of a strategic oil reserve are helping fuel its demand for crude oil.
Crude oil closed Thursday at $46.45 a barrel on the New York Mercantile Exchange, down 24 cents from Wednesday’s close, Bloomberg reported. Transport Topics
