News Briefs - April 23
The Latest Headlines:
- USF Reports Increase in 1Q Earnings
- Volvo Net Up on U.S. Demand
- ArvinMeritor’s Net Income Up 71% in 2Q
- USA Truck Reports Record 1Q Revenues
- J.B. Hunt Begins Stock Dividend
- AAR Reports Another Strong Week for Intermodal Loadings
- Volvo Net Up on U.S. Demand
USF Reports Increase in 1Q Earnings
USF Corp. said Thursday that its earnings per share rose to 26 cents from 16 cents in the first quarter ended April 3.The company said that income from continuing operations was $7.1 million in the 2004 first quarter, up from the $4.2 million it reported in 2003.
The company said that revenue from its less-than-truckload segment was up $31 million from the previous year to $520 million. Operating earnings for the LTL group were $24 million, up from the $16.8 million it earned in 2003.
Volvo Net Up on U.S. Demand
Volvo AB, the largest truck maker in Europe, said that increased demand in North America helped it raise its first-quarter net income to $293 million or 70 cents a share from $65.5 million or 16 cents a share.Volvo Chief Executive Officer Leif Johansson said in a statement “demand increased notably in North America.”
The company said U.S. truck orders are “strong” and Volvo’s Mack brand will probably raise prices in North America. Transport Topics
ArvinMeritor’s Net Income Up 71% in 2Q
Truck parts maker AvrinMeritor Inc. reported Friday that its net income rose to $41 million or 59 cents per share in the second quarter from $24 million or 36 cents per share in the same quarter last year.In its second fiscal quarter, the company said it had record sales of $2.3 billion. The company said its strong sales was due in part to “stronger North American commercial vehicle truck and trailer volumes.”
ArvinMeritor Chief Executive Officer Larry Yost said, "We are pleased with the improvement in our second-quarter results. Our sales and earnings benefited from the stronger North American Class 8 truck volumes. The benefit of higher volumes and continued cost-reduction actions allowed us to improve our results." Transport Topics
USA Truck Reports Record 1Q Revenues
Truckload carrier USA Truck Inc. said Thursday its net income for the first quarter was $997,000 or 11 cents per share, compared with a net loss of $1.1 million or 12 cents a year earlier.The company said first-quarter revenues before fuel surcharges reached a record $79.5 million.
Chairman Robert Powell said the improved results were due in part to "the firm freight demand we experienced throughout North America during the quarter."
USA Truck is ranked No. 60 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
J.B. Hunt Begins Stock Dividend
Transportation firm J.B. Hunt Transport Services Inc. said Thursday its board of directors had initiated a quarterly cash dividend of 3 cents per share payable to stockholders of record on May 6.The dividend will be paid on May 20, J.B. Hunt said in a statement. Last week, the company last week said its net income for the first quarter was $33 million or 40 cents per share as its truck revenues rose 4%.
J.B. Hunt is ranked No. 12 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
AAR Reports Another Strong Week for Intermodal Loadings
The Association of American Railroads said late Thursday the number of intermodal loadings on U.S. railroads totaled 206,754 trailers or containers in the week ended April 17, up 12.1% from the same week a year earlier.Railroading, like commercial trucking, is considered an important economic indicator. Intermodal traffic, which tends to be merchandise rather than bulk commodities, is more directly competitive with trucking and more reflective of the state of the economy.
AAR said in a statement that trailer traffic gained 13.7%, while container volume was up 11.6%.
So far this year, intermodal volume totaled 2.99 million trailers or containers, up 7.6% from last year, AAR said. Transport Topics
