Transportation equipment leasing concern Xtra Corp. (XTR). reported lower earnings for its fiscal first quarter – that ended Dec. 31 – and noted that its fiscal 2001 performance will probably be even lower.

The company had a net income of $18 million or diluted earnings per share of $1.55, compared with $20 million or $1.61 per share in the year-earlier period.

However, if not for a share buyback and a merger breakup transaction fee from a leasing acquisition target, net income would have been $17 million and per share would have been $1.46, the company said.

Westport, Conn.-based Xtra leases over-the-road trailers, marine containers and intermodal equipment. Transport Topics

(">Click here for the full press release.)

USFreightways’ 4Q Earnings Slide From ’99

Less-than-truckload company USFreightways (USFC) reported fourth-quarter earnings of 91 cents per share, compared with $1.01 during the same period last year.

The company said a slower economy and bad weather hurt the most-recent quarter.

The Chicago-based company provides transportation and logistics services. It ranks eighth on the Transport Topics 100 list. (Click here for the full press release.) Transport Topics

Old Dominion 4Q Earnings Drop 11 Cents Per Share

Old Dominion Freight Line Inc. (ODFL), which hauls general commodities for less-than-truckload shippers, said it earned 30 cents per diluted share in the fourth quarter, down from 41 cents a year earlier.

Its operating ratio of expenses to revenues went to 95.7% this time from a leaner 93.8% in the 1999 quarter.

Earl E. Congdon, Old Dominion's chairman and chief executive officer, said bad weather hurt the quarterly results because it raised operating costs and curbed the number and average weight of shipments. He said while "the slowing economy remains a significant concern, our primary strategy for … 2001 will be to expand our share of our current markets." Transport Topics

For the full press release, click here.

Marten Transport Reports Better-Than-Expected 4Q

Marten Transport (MRTN) on Thursday reported that its 2000 yearly profit was down slightly from 1999, but its fourth quarter was better than expected.

For the fourth quarter net income was 51 cents per diluted share, compared with 66 cents the previous year – which the company called "substantially better" that the 35-cent to 40-cent range forecast in November.

For 2000, the company posted earnings of $1.88 a share, down from $1.92 for 1999.

The refrigerated truckload carrier's operating ratio increased to 92.8% in 2000 from 91.9% in 1999, reflecting the continuing rise in diesel fuel prices, the company said.

Mondovi, Wis.-based Marten is ranked 64th on the Transport Topics 100 list. Transport Topics

J.C. Penney, Sara Lee Announce Cutbacks

/h4>Two more large customers of trucking operations said Thursday they were making cuts, signaling weaker shipments ahead for their carriers.

J.C. Penney said it will close 44 department stores and three catalog outlet stores, and trim support staff. Most of the closings will occur in the first half of the year. About 5,300 workers will be affected, but the company said many will be offered jobs in other stores.

Diversified manufacturer Sara Lee Corp. said it is laying off 7,000 workers around the world, or more than 4% of its workforce that is spread across 40 countries, the Associated Press reported. AP cited a company spokeswoman saying the job cuts will be mostly in the intimates and underwear , and food operations, but not in house-hold products or operations in its Chicago headquarters.

The company did not give specifics of where the cuts would hit. Sara Lee's brands include Ball Park franks, baked goods supplied to supermarkets, Wonderbra and Hanes underwear, plus Endust furniture polish and Kiwi shoe polish. Transport Topics

Rollins Reports Earnings Decline

Rollins Truck Leasing (RLC) reported earnings per share of 18 cents for its first fiscal quarter that ended Dec. 31, compared with 26 cents in the same period a year earlier.

Despite depressed used-truck prices, Rollins recorded a gain of $4.9 million from the sale of equipment that quarter – essentially the same as last year.

Wilmington, Del.-based Rollins is the country's third-largest, full-service truck leasing and rental company, servicing more than 53,000 vehicles from 270 facilities. Transport Topics

(Click here for the full press release.)

Oshkosh Reports 1Q Gain

Oshkosh Truck Corp.(OTRKB), which makes fire trucks and other specialty heavy vehicles, reported net income of 48 cents per share in its fiscal first quarter ending Dec. 31, up from 46 cents compared with last year's first quarter.

The fire, emergency and defense business helped offset slowdowns in the commercial markets of concrete placement and refuse product equipment, the Oshkosh, Wis.-based company said. Transport Topics

Click here for the full press release.)

Covenant Reports Weaker 4Q, Cautions About 2001

Truckload carrier Covenant Transport (CVTI) reported fourth-quarter earnings of $3.9 million or 28 cents per share, down from $6.4 million or 43 cents a share during the same period in 1999.

And the company warned that 2001 operating conditions will probably "remain very difficult," for at least the first half.

The company said a soft freight market and high fuel prices contributed to the decreased earnings. It has put in place a fuel surcharge and has added some new business to help address those issues.

The Chattanooga, Tenn.-based company specializes in just-in-time transportation services and says it has one of North America's 10 largest truckload fleets. Covenant is ranked 33 on the Transport Topics 100 list. Transport Topics

Comdata Crosses Canadian Border

Truck drivers will now be able to use Comchek cards at high-volume Petro-Canada Petro-Pass locations to buy fuel and oil, extending the card's acceptance outside the United States.

Petro-Pass locations accepting the card are in Calgary, Winnipeg, Edmonton, Vancouver and Toronto.

Most diesel fueling sites in Canada are automated, said Comdata Corp., the card's owner.

Based in Brentwood, Tenn., Comdata provides credit and debit processing and reporting for commercial fleets and merchants. Transport Topics

USA Truck Reports 4Q Loss

Truckload carrier USA Truck (USAK) said Wednesday an acquisition as well as spate of inexperienced drivers who had accidents contributed to net losses for the fourth quarter.

The company posted a loss of 13 cents per diluted share for the quarter, a stark contrast to the net profit of 24 cents a year earlier. When comparing year-end results, company earnings went from 92 cents in 1999 to 1 cent in 2000, the company said.

Escalating fuel costs, driver turnover and increased costs of insurance and claims all contributed, the company said.

Furthermore, USA Truck's acquisition of CCC Express in November 1999 led to a high unmanned tractor count that has fallen today to 93, or 5.3% of the fleet.

The Van Buren, Ark.-based general commodity carrier operates in the United States and Mexico, and the Canadian provinces of Quebec and Ontario. It stands at 79 on the Transport Topics 100 list. Transport Topics

AirIQ Names CFO

Wireless fleet management provider AirIQ has a new chief financial officer, Gordon A. Wilde, the company announced Wednesday.

Wilde has more than 20 years of senior financial management experience with national and multinational organizations, primarily in the technology and consumer products industries.

A major goal for Wilde will be securing funding for the Toronto-based company's "aggressive" expansion plans, AirIQ said in a statement. Transport Topics

Chinese Truck Maker Reborn

A state-owned heavy-duty vehicle and truck maker has been created in China, from the remains of the former China Heavy-Duty Vehicle Group, Asia Pulse reported earlier this week.

The new company is called the China Heavy-Duty Vehicle Group Ltd.

The old company suffered from mismanagement, the article stated. The main part of the company will be under the administration of Shandong Province, the article said.

The new group has one technical development center and five subsidiaries: an auto power company for heavy-duty vehicles, a special-purpose vehicle company, a bus company, a truck company and an auto parts company. Transport Topics

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