A.M. Executive Briefing - Dec. 6
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Landstar Systems Expects Solid 4Q Earnings
Landstar System Inc. (LSTR) announced Tuesday it expects earnings for the fourth quarter will be between $1.70 to $1.85 per diluted share.The Jacksonville, Fla.-based carrier group expects revenue to be approximately the same as the 1999 fourth quarter or approximately 8% over the 2000 third quarter revenue.
In addition, Landstar announced that it expects the number of trucks operated by Landstar business capacity owners - the company's term for its owner-operators - to increase by about 50 during the fourth quarter. Transport Topics
Dorsey Trailers Files for Bankruptcy
Truck trailer manufacturer Dorsey Trailers (DSYT) filed a voluntary petition for Chapter 11 bankruptcy, the company said. The petition was filed in Alabama, where Dorsey has most of its assets.The company's chief executive officer John L. Pugh said the bankruptcy was a result of failed negotiations with a lender to get credit for operations. Dorsey suspended its operations late last month when the funding fell through. Transport Topics
Bridgestone, Ford Settle SUV Lawsuit
Bridgestone and Ford Motor Co. (F) settled a lawsuit Tuesday involving a Ford sport-utility vehicle that killed a Tennessee woman in July 1999, Bloomberg reported. The amount of the settlement given to the family was not disclosed.This is the second legal settlement involving tire failure of Bridgestone's Firestone-brand tires on Ford's SUVs, the story said. The National Highway Traffic Safety Administration is currently investigating a link between 119 fatal car accidents and tread separation on Firestone tires.
Earlier this year, Bridgestone recalled more than 6.5 million tires. Transport Topics
Crude Oil Prices Recovering Slowly From Slide
Crude oil prices rose about 2% as it was still coping with the largest four-day decline in more than four years, Bloomberg reported. This slide left prices 4.6% lower than this time last year.In early morning trading, London crude oil rose 64 cents to $28.43 per barrel, while in New York, the price increased 67 cents to $30.20 per barrel.
The wire service noted that crude oil prices were pushed up due to an ongoing dispute between the United Nations and Iraq, which caused Iraq to stop oil production for four days. Prices also increase due to colder-than-normal weather forecasts in the U.S. Northeast this week. The Northeast is the nation's largest heating oil market. Transport Topics
Voters Want Clean Trucks, Lung Association Survey Says
A survey for the American Lung Association found that voter support for clean diesel fuel has grown since last summer, the advocacy group said Tuesday.Survey results were released as the Environmental Protection Agency nears a final decision on a landmark plan to greatly reduce diesel emissions from trucks and buses, beginning in 2007, by requiring refiners to remove nearly all sulfur from diesel fuel.
Nearly nine out of 10 voters favor requiring production of cleaner diesel fuel, with at least seven out of 10 voters holding those views across every demographic, geographic and political subgroup, ALA said.
Big diesel vehicles - including 18-wheel trucks - should be required to use the best available pollution control technology even if it costs more money, 85% of voters said. Greater costs to consumers were acceptable to 65% of voters, ALA said. Transport Topics
Ill. Truck Emissions Testing Program Stalled
Illinois program to test diesel trucks and hand out tickets for dirty rigs is stalled at the starting point, the Chicago Tribune reported Wednesday.Although state troopers were supposed to start testing trucks two months ago, the state has yet to purchase the emission-measuring meters, according to the Tribune.
Those spot checks are aimed at out-of-state trucks, but a program for in-state trucks is sputtering as well. Only 2,500 of the 50,000 trucks targeted for screening have actually been tested since the program's July 1 inception, the Tribune reported.
The governor signed the testing law after the state police budget was approved, according to the paper. Transport Topics
RailAmerica Completes Kalyn/Siebert Sale to Heil
RailAmerica Inc. (RAIL), the world's largest short line and regional railroad operator, said Tuesday that it has completed its previously announced $32.5 million sale of the Texas-based portion of its specialty truck trailer manufacturing subsidiary, Kalyn/Siebert L.P., to The Heil Co. of Chattanooga, Tenn.This sale is part of RailAmerica's ongoing asset disposition plan to reduce acquisition debt through the sale of non-core assets. Excluded from the sale is Kalyn/Siebert's affiliate operation located in Trois-Rivieres, Quebec, Canada, which is currently under a sale agreement in a separate transaction.
Kalyn/Siebert, L.P., located in Gatesville, Texas, is a leading manufacturer of high-quality, heavy-duty customized truck trailers for commercial and U.S. government/military customers. Heil manufactures stainless-steel tanker trailers for dry bulk and petroleum products.
ITS America Gets New President
The Intelligent Transportation Society of America has named a new president, David J. Hensing, who has been acting director of engineering for the American Association of State Highway and Transportation Officials.Current president John Collins is leaving Dec. 15 to establish his own consulting practice, Transportation Law & Strategy. Before joining ITS, Collins was senior vice president of government affairs for American Trucking Associations.
Hensing began his career with Wisconsins's Highway Commission, serving seven years until 1967. He has participated in the Transportation Research Board.
ITS America is a public-private partnership to promote the use of technology in transportation. Transport Topics
Headlines From Yesterday's P.M. Briefing
- Greenspan Sees Economy Slowing
- U.S. Xpress Resuming Delivery of DTSI's Freight
- Firestone Nixes Bankruptcy Speculation
- NEXIQ Names New President/COO
- GATX Logistics Hires New President/CEO
- Hungarian Supplier to Dana, Deere, Cuts Axle Workforce
- Arnold Logistics Gets Distribution Contract in Columbus
- Ethyl To Raise Motor Oil Additive Prices
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