A.M. Executive Briefing - Jan. 16
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Marten Transport To Report Better-Than-Expected Earnings
Marten Transport Ltd. (MRTN), a temperature-controlled truckload carrier, said Tuesday that it expects fourth-quarter earnings of 51 cents per share instead of the 35 cents to 40 cents per share it originally projected. The Mondovi, Wis.-based company said that the revenues from special customer-freight services brought up earnings from earlier expectations.
The fourth-quarter earnings will be lower than the same period in 1999 when earnings were 66 cents per share. However, last year's fourth quarter had higher earnings as a result of increased demands from Y2K concerns.
USF Announces New USF Glen Moore President
USFreightways Corp. (USFC) announced Monday the appointment of Mark Martin as the president of its truckload subsidiary USF Glen Moore.Martin, a veteran in the truckload transportation industry, replaces Dave McGowan.
USF Glen Moore offers truckload service on the U.S. East Coast and north central states. Transport Topics
Yellow Folds WestEx, Action Express Into Saia
Yellow Corp. (YELL) announced Monday that WestEx and Action Express, two operating subsidiaries within the corporation's regional group, will be integrated with its Saia subsidiary and will operate under the Saia name. In addition to Saia's traditional LTL operation, the Yellow Regional Group includes Jevic Transportation, a hybrid operation with heavier less-than-truckload freight focus. Jevic will continue to operate as a separate company.
Upon completion of the integration in early March, Saia will cover 21 states stretching from Florida to Washington state. The service region includes all of the Sunbelt states, plus California, the Pacific Northwest and the Rocky Mountain states.
Yellow Corp. Chairman Bill Zollars said the move allows Saia to pursue an aggressive growth strategy in the one- and two-day service markets and transforms the company into a "real powerhouse" in the regional market segment.
ellow Corp. is a holding company based in Overland Park, Kan., with operating subsidiaries providing services for the national, regional and international transportation of goods and materials. It employs 32,000 worldwide, of which 8,800 are in the regional group. Yellow is ranked 4th on the Transport Topics 100. Transport Topics
Fritz Reports Lower 2Q Earnings
Freight forwarder Fritz Cos. (FRTZ) on Monday announced net earnings of $5.3 million or 14 cents a share during the second quarter, down sharply from $9.1 million (25 cents a share) in the comparable period last year.The quarterly earnings were released following the San Francisco-based company's Jan. 10 announcement of a definitive agreement with United Parcel Service (UPS), under which UPS will acquire Fritz for about $450 million in UPS stock. The financial results for the quarter ended November 30, 2000, were taken into account by the parties in their merger negotiations.
Fritz said domestic customs brokerage net revenues fell by 8.7% compared to last year, while domestic net revenues across all products decreased by 6.6%. This contrasted with a stronger international performance: Asia business grew by 17.9%, and Europe and Latin America both achieved growth of 10.8%. Transport Topics
Emery Veteran Named CEO of Airline Subsidiary
Jerry Trimarco has been appointed to the dual positions of chief executive of Emery Worldwide Airlines and vice president of transportation for Emery Worldwide, the companies announced Tuesday. Both companies are subsidiaries of trucking company CNF Inc. (CNF) Emery Worldwide is a global heavyweight air cargo transportation company and Emery Worldwide Airlines provides the air-haul operations for the freight company's North America network.
Trimarco, a 23-year veteran of the air cargo industry, most recently served as president of Emery Worldwide Airlines' postal operations.
Emery Worldwide specializes in time-definite transportation services for business-to-business shippers of heavyweight cargo. Based in Redwood City, Calif., Emery operates in 229 countries through a network of more than 500 service centers and agent locations around the world. Transport Topics
Headlines From Friday's P.M. Briefing
- Volvo Global Reports Record 2000 Sales
- Intermodal Traffic Plunges from 2000 Levels
- J.B. Hunt Expects to Beat 4Q Estimates
- Xtra Warns of Lower Quarterly Earnings
- DaimlerChrysler to Set Joint Truck Venture With Hyundai
- Dina Delaying Bond Payment for 30 Days
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