News Briefs - Oct. 19
The Latest Headlines:
- Profits Double at U.S. Xpress
- Covenant's Net Income Rises 17% in 3Q
- Heartland Reports Higher 3Q Profits, Revenues
- American Airlines Cargo Raises Fuel Surcharge
- Stonepath Group Names New CEO and President
- Covenant's Net Income Rises 17% in 3Q
Profits Double at U.S. Xpress
Truckload carrier U.S. Xpress Enterprises Inc. said Tuesday its third-quarter net income doubled to $5.4 million or 38 cents per share, compared with $2.7 million or 19 cents a year earlier.Total operating revenue, excluding fuel surcharges, increased 17.9% to $272 million, the company said in a statement. Truckload revenue increased 15.6% to $233.9 million.
"The freight environment was very strong, due in part to the significant constraints on truckload capacity," said Co-Chairman Patrick Quinn.
Covenant's Net Income Rises 17% in 3Q
Covenant Transport Inc. said late Monday its third-quarter profits rose 17% to $4.7 million or 32 cents per share on revenue of $151.9 million.The truckload carrier, ranked No. 29 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies, said in a statement that compared with $4.1 million or 28 cents on revenue of $146.5 million a year earlier.
"Freight demand was strong during the quarter except for a soft spot during August," Chairman and President David said.
The company said it increased its average freight revenue per loaded mile 11.9% because of a favorable relationship between freight demand and available truck capacity. Transport Topics
Heartland Reports Higher 3Q Profits, Revenues
Truckload carrier Heartland Express Inc. said late Monday its net income for the third quarter was $17.1 million or 23 cents per share, compared with $14.5 million or 19 cents a year earlier.The company said gross revenues during the quarter increased 12.3% to $117.3 million, the company said in a statement.
Heartland is ranked No. 43 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
American Airlines Cargo Raises Fuel Surcharge
American Airlines Cargo said Monday it was increasing its fuel surcharge to 14 cents per pound from 12 cents for domestic shipments effective Nov. 1.It also said it was also raising the surcharge on international shipments to 35 cents per kilogram from 30 cents.
The company said its fuel index is based on the weekly average spot price of kerosene-type jet fuel as reported by the Department of Energy and is adjusted when it moves above or below set trigger points for two straight weeks. Transport Topics
Stonepath Group Names New CEO and President
Logistics provider Stonepath Group said that Jason Totah was named its new chief executive officer and Bob Arovas as president, a newly created position.Stonepath said in a statement that Totah was previously CEO of Stonepath's international operations and recently added the title of CEO at domestic services.
The company also said Dennis Pelino would remain chairman. Transport Topics
