News Briefs - Oct. 26
The Latest Headlines:
- Fed's Ferguson Says Business Spending Picking Up
- Celadon Earns $2.8 Million in Latest Quarter
- Overnite Reports Higher Profits in 3Q
- Earnings Falls at BNSF Due to Asbestos Claims
- Wabash Names Smith CFO
- Celadon Earns $2.8 Million in Latest Quarter
Fed's Ferguson Says Business Spending Picking Up
Roger Ferguson, vice chairman of the Federal Reserve, said that business investment would probably grow in coming quarters, Bloomberg reported.Speaking at The Citadel, he said the investment would lead to job gains and higher incomes.
Business spending accounts for about 10% of gross domestic product, Bloomberg reported. Ferguson said declining business investment accounted for most of the drop in economic output in the last six recessions.
Celadon Earns $2.8 Million in Latest Quarter
Truckload carrier Celadon Group Inc. said its net income for the fiscal 2005 first quarter ended Sept. 30 was $2.8 million or 27 cents per share, compared with a loss of $5.5 million or 72 cents a year earlier.The loss in the year-earlier period including a $6.9 after-tax impairment charge, the company said in a release.
Celadon said operating revenue increased 9.1% to $104.4 million.
"Our results reflect a strong freight environment," Chairman and Chief Executive Officer Steve Russell said.
Celadon is ranked No. 49 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Overnite Reports Higher Profits in 3Q
Overnite Corp., the parent of less-than-trucload carrier Overnite Transportation, said late Monday its net income for the third quarter was $22.4 million or 80 cents per share, compared with pro-forma earnings of $15.3 million or 55 cents a year earlier.Last year, the company was spun off from Union Pacific Corp., which operates the nation’s largest freight railroad.
Operating revenue for the quarter was a record $429 million, an increase of 11.7%, the company said in a statement.
The company said it expected fourth-quarter profits to be in the range of 53 cents and 58 cents per share.
Overnite is ranked No. 17 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Earnings Falls at BNSF Due to Asbestos Claims
Freight railroad Burlington Northern Santa Fe Corp. said its net income for the third quarter fell because of costs related to asbestos claims.Its profits for the quarter were $2 million or 1 cent a share, compared with $203 million or 55 cents a year earlier. Excluding costs, its said profits would have been $290 million or 77 cents.
BNSF said sales rose 17% to $2.79 billion. Transport Topics
Wabash Names Smith CFO
Trailer maker Wabash National Corp. said Oct. 20 it appointed Robert Smith chief financial officer.Smith joined the company in March 2003 as corporate controller, and had served as acting CFO since June, Wabash said. Transport Topics
