News Briefs - April 28
The Latest Headlines:
- Overnite Reports Increased 1Q Revenue
- First-Quarter Net Income Rises at Forward Air
- Driver in Md. Tanker Crash Likely Suffered Attack
- Patriot Transportation Reports Higher Net Income in 2Q
- Hino Seeks to Increase Overseas Sales
- First-Quarter Net Income Rises at Forward Air
Overnite Reports Increased 1Q Revenue
Regional less-than-truckload carrier Overnite Corp. said Wednesday it had net income of $7.5 million in the first quarter of 2004, an increase form the $5.6 million the company reported last year.First-quarter earnings were 27 cents per share this year versus 20 cents per share in 2003, the Richmond, Va.-based company said.
The company said it generated $378.5 million in revenue, up 10.9% from the $341.2 million the company reported generating the year before.
First-Quarter Net Income Rises at Forward Air
Forward Air Corp. said Tuesday net income rose to $6.8 million from $5.4 million the previous year.The Greeneville, Tenn.-based company said on a per share basis, earnings rose to 31 cents from 25 cents a share.
The company said the increased profits came on revenues of $64.3 million, an increase from the $56.6 million it reported in 2003.
Forward Air was ranked No. 70 on the 2003 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
Driver in Md. Tanker Crash Likely Suffered Attack
The driver of tank truck that crashed Jan. 13 over Interstate 95 outside of Baltimore likely suffered a heart attack before his truck plummeted over the edge of an overpass, the Washington Post reported.Maryland Transportation Authority police, citing an autopsy report, said the truck driver, Jackie Frost of Finksburg, Md., had heart disease and likely suffered the attack before the truck crashed.
The truck had been traveling on I-895 when it went through a guardrail and fell about 60 feet to I-95 below. The crash, the Post said, killed the driver and three others.
Officials also said that tests showed no evidence of recent drug or alcohol use by Frost. In addition, the tire marks left by the trucks indicated he did not apply his brakes before the crash, the Post reported. Transport Topics
Patriot Transportation Reports Higher Net Income in 2Q
Patriot Transportation Holding Inc. said Tuesday it had net income of $6.98 million in the second quarter of 2004, up from the $6.35 it reported earning in the previous year.The Jacksonville, Fla.-based company also reported its earning per share rose to $2.38 from 20 cents in 2003.
Patriot said its transportation segment had revenues of $24.28 million in the second quarter, an increase of 13.9% over the same period last year. The company said that its miles hauled rose 12.8% in the second quarter, demonstrating increased demand.
Patriot Transportation operates Florida Rock & Tank Lines Inc. and SunBelt Transport Inc., as well as a real estate business. Transport Topics
Hino Seeks to Increase Overseas Sales
Truck maker Hino Motors Ltd., a division of Japanese automaker Toyota Motor Corp., said it would try to quadruple overseas sales by 2010, a Japanese newspaper reported.Bloomberg News, citing Nihon Keizai, said while it sold 35,000 vehicles last year, it wanted to expand its sales because demand in Japan will likely decline.
As part of its plan, Bloomberg said the company intended to spend $91.2 million to build a new plant in Arkansas. The plant will make truck parts. Hino aims to sell more trucks in the United States, China and other Southeast Asian countries. Transport Topics
