News Briefs - Oct. 14
The Latest Headlines:
- Landstar Reports Record 3Q Profits, Revenue
- Eaton's Profits Rise as Sales in Truck Segment Surge
- UPS Plans to Hire More Pilots as Demand Grows
- Jobless Claims Rise by 15,000 in Latest Week
- Delays Persist at Los Angeles, Long Beach Ports, Journal Says
- Trade Gap Widens to $54 Billion
- Volvo Again Backs America’s Road Team
- Eaton's Profits Rise as Sales in Truck Segment Surge
Landstar Reports Record 3Q Profits, Revenue
Transportation firm Landstar System Inc. said Thursday its net income for the third quarter was a record $21.6 million or 70 cents per share, compared with $11.8 million or 38 cents a year earlier.The company also said in a statement its revenue increased 30% to a record $527 million. That included $27.9 million related to disaster relief efforts in the southeastern United States under a contract between its Landstar Express America unit and the Federal Aviation Administration.
It said the carrier group of companies generated $369 million of revenue in the quarter, up from $308 million in the third quarter of 2003.
Eaton's Profits Rise as Sales in Truck Segment Surge
Vehicle parts maker Eaton Corp. said Thursday its third-quarter profits were $170 million or $1.09 per share, compared with $107 million or 69 cents a year earlier.Sales rose to a record $2.54 billion for the quarter, a 26% increase from 2003.
"Mobile hydraulics and truck markets have continued their strong performance, while electrical markets have posted modest growth and automotive markets are likely to post a small decline for the year," said Alexander Cutler, Eaton chairman and chief executive officer.
Eaton said sales in its truck segment rose 44% to $485 million and recorded operating profits of $93 million. Transport Topics
UPS Plans to Hire More Pilots as Demand Grows
UPS Inc. said it planned to hire at least 100 pilots in the next year as global shipping demand increases, Bloomberg reported.Spokesman Norman Black told Bloomberg the hiring would begin immediately and that is would also resume contract negotiations with the Independent Pilots Association on Monday.
UPS has about 2,500 pilots, 270 aircraft, 57 jet orders pending through 2009 and options to buy eight more, Black said.
UPS is ranked No. 1 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Jobless Claims Rise by 15,000 in Latest Week
The number of people filing initial claims for jobless benefits rose 15,000 to 352,000 in the week ended Oct. 9, the Labor Department reported Thursday.Economists forecast a climb to 340,000 from the originally reported 335,000 the week before, Reuters reported.
The four-week moving average of claims, which irons out week-to-week volatility, increased to 353,000 from an upwardly revised 349,000. The average has risen five straight weeks.
A Labor Department analyst told Reuters there were no special factors to explain the rise in new claims, but evidence suggests data has been more volatile than usual in recent weeks because of seasonal adjustment factors. Transport Topics
Delays Persist at Los Angeles, Long Beach Ports, Journal Says
Dozens of container ships continue to be held up at the ports of Los Angeles and Long Beach because of a shortage of dock workers and record shipping volumes, but delays are not expected to result in holiday shortages because some suppliers ordered goods from Asia earlier this year, the Wall Street Journal reported.The delays have worsened because some shipping companies failed to anticipate the surge in freight demand this year, the Journal said. To ease congestion, some shippers moved freight to temporary yards away from ports.
The two ports handle more than 40% of the containers shipped into the United States and about two-third of imports from Asia, the Journal said.
More cargo is being diverted to other ports including Oakland and Seattle, but they do not have the capacity to handle the same volume as Los Angeles and Long Beach, the Journal said. Transport Topics
Trade Gap Widens to $54 Billion
The U.S. trade deficit widened to $54 billion in August, the second highest on record, the Commerce Department reported Thursday.The gap expanded nearly 7% from a revised estimate of $50.5 billion for July. It hit an all-time high of $55 billion in June. Commerce said the gap was fueled by the rising cost of oil imports and record imports from China.
Trucks are used both to deliver imports to local stores and to move exports from factories to airplanes or ships for overseas shipment.
U.S. imports increased 2.5% in August to a record $150.1 billion, Commerce said. Exports rose fractionally to $96 billion, the second highest on record. Transport Topics
Volvo Again Backs America’s Road Team
Volvo Trucks North America Inc. said last week it would be the sole sponsor of America’s Road Team again in 2005.American Trucking Associations runs America’s Road Team. It consists of a group of professional truck drivers with safe driving records.
The drivers present highway and vehicle safety messages to the media, lawmakers, citizen groups and children across the country. Drivers’ time is donated by their employers.
America’s Road Team was created in 1986. Transport Topics
