Thursday's Earnings at a Glance
- Marten Transport’s Earnings Down in 3Q
- Arkansas Best Profits Decline
- UPS Reports Revenue Up, Earnings Down
- Overnite’s Net Income Down Slightly
- Transport Corp. of America Posts Lower 3Q Earnings
- Earnings Rise Slightly for Landstar
- GM Profits Fall 54% in 3Q
- Arkansas Best Profits Decline
Marten Transport’s Earnings Down in 3Q
Marten Transport Ltd. (MRTN) reported third-quarter earnings down 3 cents to 38 cents per share, while revenues totaled $70.8 million, a figure that was up 8.4% from the third quarter of 2000.
The time- and temperature-sensitive motor carrier had a third-quarter net income of $1.62 million, down from $1.71 million the year before. The company’s operating income was $3.67 million, down from $4.3 million in 2000.
"Trips per week, revenue per tractor per week, miles per tractor per week --- all of these key productivity measures were up from the previous year," said Randolph Marten, president and chairman of the board.
For the year-to-date, revenue was up 11.6% to $212.4, but earnings per share are $1.23, down 14 cents. Transport Topics
Arkansas Best Profits Decline
Less-than-truckload carrier Arkansas Best Corp. (ABFS) said Thursday that its third-quarter net income was $13.0 million or 52 cents per share, down from last year's profits of 97 cents per share.
The current figure includes a gain of 11 cents per share from the sale of G.I. Trucking Co.
Revenues totaled $300 million for the quarter, compared with $358 million during the year-ago period. LTL tonnage per day declined by 9.5%, due in part to the Sept. 11 terrorist attacks.
Robert Young, Arkansas Best president and chief executive officer, said that the company, ranked No. 15 in the 2000-2001 Transport Topics 100, took several steps to improve its long-term position, including reducing its long-term debt through the sale of G.I. Transport Topics
(Click here for the full press release.)
UPS Reports Revenue Up, Earnings Down
United Parcel Service (UPS) announced that its third-quarter revenues totaled $7.5 billion, up 1.5% from the same quarter in 2000.
However, both earnings per share and operating profits were down. UPS' earnings were 50 cents a share, down 16.7% from last year's results of 60 cents per share, while consolidated profits were $943 million for the third quarter, off 17.4% from 2000.
The company's operating income included a $37 million payment from the Airline Stabilization Act, which added 2 cents per share to the company's earnings.
Overall, total volumes were down 2.9% to 13.1 million packages a day.
"Prior to Sept. 11, UPS was showing growth in its domestic air business and was on track to deliver on the financial guidance we had provided, managing through some difficult economic conditions," said UPS Chief Financial Officer Scott Davis. "The events of that day significantly altered our business performance." Transport Topics
(Click here for the full press release.)
Overnite’s Net Income Down Slightly
Overnite Transportation Co. said that its net income for the third quarter was $14.4 million, down 3% for the same quarter in 2000.
Operating income for the trucking subsidiary of Union Pacific Corp. (UNP) was $18.3 million, with operating revenues of $292.1 million. Revenues were up 1.7% from 2000 levels to $292.1 million.
So far this year, the company, No. 19 on the 2000-2001 Transport Topics 100 list, claimed net revenues of $862 million, up 2.7% over the same period in 2000. Transport Topics
(Click here for the full press release.)
Transport Corp. of America Posts Lower 3Q Earnings
Truckload carrier Transport Corporation of America (TCAM)announced its third-quarter earnings were down 10 cents per share over the same period in 2000. The poorer performance was blamed on the general economic slowdown.The company posted a third-quarter net income of $478,000, or 7 cents per share; in the previous year, net income was $1.6 million, or 17 cents per share. Transportation Corp. of America’s total revenue was $70.3 million in 2001, down from the $73.5 million it posted in 2000.
"During the third quarter, we again improved both our revenue and profitability performance from earlier this year,” Robert J. Meyers, president and chief executive officer. “Many of our larger customers and geographic regions continue to experience the full effects of the economic slowdown, which reduces demand for our services.”
So far this year, the company reported that revenues are $205.8 million, down from $219.2 in the previous year. Transport Topics
(Click here for the full press release.)
Earnings Rise Slightly for Landstar
Landstar System Inc. (LSTR) reported a net income for the third quarter ended Sept. 23 of $11.9 million or $1.41 per share, an increase over last year’s $11.5 million and $1.30 per share.
Revenue was $355.7 million, compared with $352.4 million, but the company cited a decline in flatbed trucking revenue.
Ranked No. 16 in the 2000-2001 Transport Topics 100, the Jacksonville, Fla.-based company said that it increased its fleet by 114 trucks during the quarter. Transport Topics
(Click here for the full press release.)
GM Profits Fall 54% in 3Q
General Motors Corp. (GM) announced its third-quarter profits fell 54% from the previous year. The automaker’s net income fell to $385 million from $829 million in 2000, Bloomberg reported.
GM makes a number of pickups and light trucks that are used in a wide variety of commercial trucking applications, especially among utility fleets.
he drop in income translates into a 70 cents per share decline in quarterly earnings to 85 cents per share in 2001. The company pointed to lower vehicle sales and production in the United States, as well as a loss in Europe as the reasons for the decline in earnings and income.
Bloomberg said that analysts had projected earnings at 80 cents per share for the quarter.
Sales and production cuts were the result of lower demand for new cars and trucks because of higher unemployment and falling consumer confidence, the company said. Transport Topics
