News Briefs - Nov. 23
The Latest Headlines:
- Home Resales Fall 0.1% in October
- UAW Workers Approve New Detroit Diesel Contract
- UPS Names New Head of U.S. Package Operations
- XRG’s Revenues Surge, but Posts Larger Loss
- Truck Volume Rises 0.3% in September
- UAW Workers Approve New Detroit Diesel Contract
Home Resales Fall 0.1% in October
The National Association of Realtors said Tuesday that sales of previously owned houses fell 0.1% in October to 6.75 million at an annual rate.The pace was 6.76 million in September and hit a record 6.92 million in June.
Resales account for 85% of the residential real-estate market in the United States. When a home is sold, trucks are usually used to transport household appliances and furniture.
UAW Workers Approve New Detroit Diesel Contract
Union workers at Detroit Diesel ratified a new six-year contract that brings production of two truck engines to a factory Redford, Mich., for next two years, the company said.The contract between the United Auto Workers and Detroit Diesel, a unit of DaimlerChrysler AG's, covers about 1,300 workers. An agreement was reached Nov. 10 after a strike of less than 24 hours. (Click here for previous coverage.)
Detroit Diesel said the plant would make a new heavy-duty diesel engine being developed for introduction in 2007. The company said it would sell the new engine and its current Series 60 model.
The contract, which runs until April 30, 2010, provides all the workers with a 3% signing bonus and 2% lump-sum payments in 2005, 2007 and 2009, Bloomberg reported. Transport Topics
UPS Names New Head of U.S. Package Operations
UPS Inc. said that Jim Winestock would replace Cal Darden as senior vice president of U.S. operations after Darden retires in early 2005.Darden's position is responsible for all package operations in the United States, the company said in a statement. UPS said Winestock is currently the manager of UPS's north central region, which includes 244 facilities and more than 51,000 employees.
Winestock has been with UPS since 1969, the statement said.
UPS is ranked No. 1 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
XRG’s Revenues Surge, but Posts Larger Loss
Truckload holding company XRG Inc., Tampa, Fla., said its net loss for the third quarter was $2.1 million or 1 cent per share, compared with a loss of $942,849 or 5 cents a year earlier.The company said it had 258 million shares outstanding at the end of the third quarter, up from 17 million a year ago.
Revenues rose to $11.5 million, compared with $298,225 in the third quarter of 2003, the company said in a statement. XRG said the was the higher revenues were attributable to the five new truckload carriers it acquired in April.
XRG also said its net income for the month of September was $92,972, which was due to a strong freight environment and constraints on capacity. Transport Topics
Truck Volume Rises 0.3% in September
Truck freight volumes increased slightly in September after contracting for two months, as retail sales rose on rising automobile sales and increased demand for manufactured goods.Trucking made the September gains against a backdrop of a series of hurricanes that hit the U.S. Southeast in late August and early September, American Trucking Associations economist Tavio Headley said.
The seasonally adjusted average climbed 0.3% in September, following 1.8% and 0.5% declines in August and July, respectively.
The tonnage index now stands at 157.6, ATA said Nov. 15. The index set a record high of 162 in April. The level was 100 in the index base year of 1993.
Compared with September 2003, truck tonnage numbers remained strong on a year-over-year basis, growing 5.6%.
ATA also said that the unadjusted truck tonnage index slipped 1.6% in September, following a 3.8% gain in August, which partially erased the 5.1% decline in July. Artelia Covington
