News Briefs - April 20
The Latest Headlines:
- CNF Reports Higher Profits, Revenues
- Celadon’s Net Income Increases in Fiscal 3Q
- Delphi’s Earnings Dip on Restructuring Costs
- Mitsubishi Fuso Names New Chairman
- Celadon’s Net Income Increases in Fiscal 3Q
CNF Reports Higher Profits, Revenues
Transportation firm CNF Inc. said Monday it earned $24.4 million or 45 cents per share in the first quarter of 2004, up from $15.9 million or 30 cents a year earlier."With the operating leverage and strong productivity of our operating units, the improving U.S. economy is evident in our bottom line," said CNF President Gregory Quesnel said in a statement.
Total revenue increased 12% to $1.35 billion, CNF said. Its less-than-truckload unit, Con-Way Transportation Services Inc., reported a 37% increase in operating income to $51.1 million on revenue of $593.8 million.
Celadon’s Net Income Increases in Fiscal 3Q
Truckload carrier Celadon Group Inc. said late Monday its net income for its fiscal third quarter ended March 31 was $1.4 million or 17 cents per share, compared with $500,000 or 6 cents a year earlier.Operating revenue increased 8.9%, to $98.8 million, the company said in a statement.
“A strong freight environment and disciplined execution of our strategic plan more than offset a severe winter, high fuel prices and heightened competition for drivers, said Steve Russell, chairman and chief executive officer.
Celadon is ranked No. 49 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Delphi’s Earnings Dip on Restructuring Costs
Vehicle parts supplier Delphi Corp. said its first-quarter profit declined to $54 million or 10 cents per share, from $127 million or 23 cents a year earlier because of restructuring costs.However, excluding charges, net income was $123 million, or 22 cents a share. That was 2 cents better than the consensus of Wall Street analysts, the Associated Press reported.
First-quarter revenue increase to $7.4 billion from $7.2 billion, Delphi said in a statement.
Delphi’s Chief Financial Officer Alan Dawes said the company incurred a $69 million after-tax charge in the first quarter for restructuring. He also said a 7% decline in North American production at General Motors, Delphi's largest customer, was offset by additional non-GM business. Transport Topics
Mitsubishi Fuso Names New Chairman
Mitsubishi Fuso Truck & Bus Corp. said it had named Michio Hori as its new chairman, Bloomberg reported.The previous chairman, Takashi Usami, resigned following Japan's biggest vehicle recall in two years. Hori had been Mitsubishi's executive vice president.
Mitsubishi is 65% owned by DaimlerChrysler AG. The defaults have been blamed for causing 50 accidents, including one death, Bloomberg said. Transport Topics
