A.M. Executive Briefing - Nov. 2
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Vitran Reports 9% Increase in Earnings
The transportation and logistics firm Vitran Corp. (VVN) announced Thursday a 9% increase in earnings for the third quarter.Revenues for the three months ended September 30, 2000 rose to CN$126.3 million (US$82.7 million), a 4.1% increase from a year ago. Vitran posted a 9% increase in quarterly earnings before interest, depreciation, taxes, and amortization to CN$10.2 million (US$6.7 million). The company earned CN$0.27 per diluted share, the same as a year ago.
In a company announcement, Vitran President and Chief Executive Officer Richard D. McGraw hailed the company's less-than-truckload operations. "The combined LTL operations results during the third quarter surpassed the year-ago numbers on all key metrics," he said. Transport Topics
Interpool Posts Higher Income for 3Q
Interpool Inc. (IPX) reported Thursday a surge in third-quarter income on strong demand for containers and chassis. The Princeton, N.J.-based lessor of trailers and containers said net income for the quarter ended September 30, 2000 shot up 83% to $11,080,000 ($0.40 per diluted share), compared with $6,071,000 ($0.22 per diluted share) for the same period in 1999. Third-quarter revenues increased by 21% to $69,103,000. "We are extremely pleased with the strong performance of our container and chassis leasing business and the continued growth of our finance leases," said Interpool Chairman and CEO Martin Tuchman. "The company's container business continues to experience strong demand in the Far East, and we have seen a modest improvement in prices since the end of 1999."
Interpool recently acquired the North American Intermodal Division of Transamerica Leasing, Inc. for $672 million. Transport Topics
Freightliner's October Sales Down 28%
Freightliner's sales figures dropped 28% compared to October 1999, the company said Wednesday. It sold only 9,093 Freightliner brand trucks last month, compared with 12,713 in October 1999. Those figures included 7,879 Freightliner nameplated units last month compared with 11,248 in October 1999, and 1,214 Sterling units, compared with 1,465 in October 1999. The figures are preliminary, the company said. Transport TopicsDaimlerChrysler Plans to Test Fuel Cells in Buses
DaimlerChrysler (DCX) announced Wednesday plans to test fuel cell technology in buses as part of the California Fuel Cell Partnership, a public-private venture that opened a new facility in Sacramento recently. Between 2000 and 2003, the partners - including Ford Motor Co. (F), Texaco (TX) and the U.S. Department of Energy - intend to test more than 50 cars and 20 buses incorporating this innovative drive technology under everyday operating conditions. The vehicles will run on hydrogen and methanol. DaimlerChrysler is planning to incorporate 15 vehicles overall into the fleet test by the end of 2003, the company said. Transport Topics
Fuel Protest Planned for Nov. 14 in London
Fuel protesters in England warned the government on Wednesday that they are planning major traffic blockades unless swift action is taken to lower fuel prices, according to the Associated Press.David Hanley, a farmer and chairman of the People's Fuel Lobby, told the news service that as many as 25,000 trucks would converge on London for a Nov. 14 rally, remaining for "as long as it takes" if the government does not announce in a pre-budget report next week that it will be cutting the fuel tax.
Hanley said he has spoken with many drivers "who are not only going to lose their lorries (trucks), they are going to lose their homes and be out on the streets looking for jobs . . . In my industry, we have had six people under the age of 40 in my area in the last six months shoot themselves or hang themselves because they can see no future in their business," Hanley told the Trade and Industry Select Committee, which is compiling a report on fuel taxation. Transport Topics
Headlines From Yesterday's P.M. Briefing
- International Truck to Lay Off Over 1,800 More Workers
- Terion Offering Trailer Tracking in Mexico
- DaimlerChrysler Plans to Test Fuel Cells in Buses
- American Petroleum Exhange Auctioned 105 Million Gallons in October
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