News Briefs - Oct. 25
The Latest Headlines:
- CNF Posts 3Q Net Loss Due to Sale of Menlo Unit
- Ryder’s Profits Rise in 3Q
- McKenna Assumes Top Spot at MEMA
- Japan, U.S. Reach Deal to Ease Beef Ban
- Ryder’s Profits Rise in 3Q
CNF Posts 3Q Net Loss Due to Sale of Menlo Unit
Transportation firm CNF Inc. said its third-quarter net loss was $216.2 million or $3.90 per share, compared with a net income of $24.8 million or 46 cents a year earlier.The company in a statement the loss was due to a $260.5 million charge related to the previously announced sale of Menlo Worldwide Forwarding to UPS Inc. CNF’s total revenue for the quarter was $973.6 million, up 16% from the third quarter of 2003.
CNF said that operating income at Con-Way Transportation Services, which operates a number of less-than-truckload carrier, rose 31% to $70.6 million. Revenue rose 19% to $684.8 million.
NF is ranked No. 4 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Ryder’s Profits Rise in 3Q
Ryder System Inc. said Monday that its net income for third quarter was $54.3 million or 83 cents per share, compared with $37.5 million or 63 cents a year earlier.Revenue for the quarter was $1.31 billion, up 9% from the third quarter of 2003, the company said in a statement.
The company said the increase in revenue was due to the positive impact of acquisitions, continued improvement in the commercial rental product line, higher fuel revenue and favorable foreign exchange rates.
Ryder also said commercial rental revenue rose 22%. It said it expects fourth-quarter earnings to be in range of 75 cents to 78 cents, and full-year profits to be in the range of $3.08 to $3.11.
Ryder is ranked No. 5 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
McKenna Assumes Top Spot at MEMA
The Motor & Equipment Manufacturers Association said Robert McKenna became its chief executive officer Oct 1.McKenna was most recently group vice president of the Genuine Parts Co. in Atlanta, and was chairman of the National Automotive Parts Association, said MEMA, which is located in Research Triangle Park, N.C.
MEMA said it has three market-segment associations covering automotive aftermarket suppliers, heavy-duty manufacturers and original equipment suppliers. Transport Topics
Japan, U.S. Reach Deal to Ease Beef Ban
American and Japanese negotiators agreed Saturday to ease a 10-month-old ban on American beef exports to Japan, news services reported.The agreement would also allow a resumption of Japanese beef exports to the United States, banned after the discovery of Japan's first case of mad cow disease in 2001, the Associated Press reported. Japan banned U.S. beef imports in December 2003 after the first U.S. case of the bovine illness was discovered.
Trucking companies that haul beef would likely to see increased profits because of the deal. Japan is the largest overseas market for U.S. beef, AP reported.
The deal would only allow the import of beef products from cows younger than 20 months. Transport Topics
