A.M. Executive Briefing - Oct. 22
This Morning's Headlines:
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DOT Plans November Hearings on 'Roadability'
The Transportation Department has set information-gathering hearings next month regarding the "roadability" of intermodal equipment. The department said in the Federal Register that the hearings will discuss how the equipment is now inspected, fixed, and maintained.DOT aroused controversy between maritime and trucking interests with an earlier motion to expand responsibility for roadability, with the ocean firms saying truckers should be responsible for the equipment and have enough time for inspections, and trucking companies saying they do not have enough time. The meetings will take place in Seattle Nov. 2, near Chicago Nov. 9, and near New York Nov. 15. Journal of Commerce Online (10/22/99) ; Watson, Rip
State Discussing Canada-Mexico Trade Corridor
Arizona, Nevada, Utah, Idaho, and Montana are the five U.S. states participating in the CANAMEX Corridor Coalition, which aims to establish a trade corridor along a four-lane route between Mexico City and Edmonton, Alberta. The coalition foresees more jobs, growth, and tourism along the corridor.In addition to the four-lane highway, the project envisions links to other roads as well as air, rail, and sea transport. The federal government granted $1 million to the five states earlier this year, and the initial meeting of the coalition took place this month. In Arizona, Interstates 10, 19, and U.S. 93 will be part of the four-lane CANAMEX route. Arizona Republic (10/21/99) P. D1; Mattern, Hal
Union Pacific Corporation Announces Third Quarter Results
Union Pacific says its third-quarter continuing-operations income was $218 million, up from $34 million in the year-earlier quarter, with continuing-operations income per diluted share rising to 86 cents from 14 cents. The corporation saw net income of $245 million, affected by a $27 million non-recurring after-tax gain; net income per diluted share was 96 cents.Overnite Transportation's third-quarter operating income was $8 million, down from the 1998 figure of $12 million before a $5 million goodwill amortization, with revenue of $277 million, up 8%, and a 97.1% operating ratio, up from 95.3%.
The corporation aside from Overnite saw a record $507 million in third-quarter operating income, up from $203 million in the year-earlier quarter, with record commodity revenues of $2.5 billion, including a 19% rise for the Intermodal business group, and operating ratio down to 80.6% from 91.6%
Union Pacific's first-nine-months operating income was $1.32 billion, up from $104 million in the comparable 1998 period, with net income of $568 million, as opposed to the $444 million loss in last year's first nine months. PR Newswire (10/22/99)
Transport Corporation of America Reports Third Quarter Revenues and Earnings; Announces Credit Facility Extension
Transport Corp. of America saw $3 million in net income in the third quarter, down from $3.9 million in the year-earlier quarter, as net income per diluted share fell to 35 cents from 48 cents. Third-quarter revenue was down to $72 million from $74.1 million. The company was affected by database problems as well as increased prices for fuel and the shortage of truckers.Revenue for the first nine months was $214.2 million, up 21.2% from the comparable 1998 period, with net income of $9 million, up 20%, and operating income up to $20.3 million from 15.7 million. Net income per diluted share for the first nine months was $1.06, up 3 cents from the prior year. The company's $100 million unsecured credit facility has been extended until March 2002. PR Newswire (10/21/99)
Marten Transport Reports Third-Quarter Result
Marten Transport says its third-quarter revenue was $55.9 million, an 11.5% rise from the year-earlier quarter, with operating income of $4.2 million, down from $5.1 million, and net income of $2 million, down from $2.5 million. As the company estimated Oct. 7, net income per diluted share was 46 cents, down from 55 cents in 1998's third quarter. The third-quarter operating ratio rose to 92.4% from 89.9%.
resident and Board Chairman Randolph L. Marten attributes the growth problems to the driver shortage and says higher fuel and labor costs contributed to the rise in operating ratio. However, he says, "we continue to anticipate a successful and profitable year for Marten Transport." PR Newswire (10/21/99)
Consolidated Freightways Introduces New Super Metro Center in Chicago
Consolidated Freightways has debuted its South Chicago Metro terminal, a prototype facility with cutting-edge technology that will allow faster service for Chicago shipments heading to Dallas, Atlanta, and large East Coast cities. It will also speed shipments going through the facility, particularly CF Flyer Program cargo.CF President Pat Blake says the new terminal shows "our renewed commitment to meeting the standards to be the service leader in the two-day regional markets." The new 24-hour terminal, located in Bedford Park, Ill., takes the place of CF's old terminals for Joliet and South Chicago. Business Wire (10/21/99)
UPS Acquires Trans-Border Customs Services
UPS says it intends to purchase Trans-Border Customs Services, which will allow the parcel carrier to perform customs clearance for all shipments traversing the U.S.-Canada border. UPS has been doing customs brokerage for shipments entering Canada from the south for five years. Canada NewsWire (10/21/99)© copyright 1999 INFORMATION, INC. Terms of Service
