News Briefs - Feb. 10
The Latest Headlines:
- Transport Corp. Narrows 4Q Loss
- Forward Air Reports Higher Profits
- S.D. Committee Favors Repealing Trucker Tax
- Expeditors International's Profits Nearly Unchanged
- Segmentz Applies for Listing on the American Stock Exchange
- Schneider Reports 10% Revenue Growth
- EGL's 4Q Profits Rise
- Forward Air Reports Higher Profits
Transport Corp. Narrows 4Q Loss
Truckload carrier Transport Corp. of America Inc. said Tuesday its fourth-quarter net income was $322,000 or 4 cents per share, compared with a net loss of $1.3 million or 18 cents a year earlier.Operating revenues for the quarter dipped to $62 million from $69.1 million, which the company said was due to higher than expected unseated tractors and tight owner-operator capacity.
For the full year, Transport Corp.'s net loss was $1.1 million or 15 cents per share, compared with a loss of $20.4 million or $2.81 in 2002.
Forward Air Reports Higher Profits
Forward Air Corp., a contractor to the air cargo industry, said Monday its net income for the fourth quarter was $7.7 million or 35 cents per share, compared with $6.8 million or 31 cents a year earlier.Operating revenue for the quarter increased 9.8% to $65.2 million, the company said in a release.
For the full fiscal year, net income for 2003 was $25.8 million or $1.19 per share, compared with $21.6 million or 98 cents in 2002.
Forward is ranked No. 70 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
S.D. Committee Favors Repealing Trucker Tax
The South Dakota House Taxation Committee voted 14-1 for a bill that would eliminate a 4% state tax on cargo picked up in South Dakota and delivered within state borders, the Associated Press reported.The bill now moves to the full House for debate. Trucking industry officials said the tax leaves them at a competitive disadvantage because they are forced to charge more than out-of-state firms, according to AP.
The tax, passed in 1995, raised about $3 million in state revenues last year. It does not apply to loads coming from or going to other states. Transport Topics
Expeditors International's Profits Nearly Unchanged
Seattle-based logistics company Expeditors International of Washington Inc. said Tuesday its profits in the fourth quarter rose to $36.4 million or 33 cents per share, compared with $36 million or 33 cents a year earlier.Net revenues increased 2% to $205.4 million. The company said in a release the 2002 results were helped by the disruptions at West Coast ports.
For the full year, net earnings were $122 million or $1.12 per share, compared with $112.5 million or $1.03 a year earlier. Transport Topics
Segmentz Applies for Listing on the American Stock Exchange
Transportation and logistics services company Segmentz Inc. said Monday that it filed an application for listing on the American Stock Exchange.The company said in a release the application is under review.
"Listing on the AMEX will increase the perception and profile of our company within the investment community, while making the company significantly more accessible to investors," said Allan Marshall, chief executive officer. Transport Topics
Schneider Reports 10% Revenue Growth
Schneider National Inc., the largest privately held truckload carrier, said Feb. 2 that it posted 10% revenue growth for 2003 amid tightening capacity and rising fuel and insurance costs.Because Schneider — ranked No. 7 on the TT100 — is privately held, it is not required to disclose quarterly financial earnings information to the public.
In 2003, Schneider said revenue from brokerage services increased 16%, while its intermodal revenue sales grew 17%. Truckload services, meanwhile, posted revenue growth of more than 6%.
Schneider Logistics reported 13% growth in managed freight. Schneider said its payment service processed more than $7.5 billion in freight bills. Transport Topics
This story appeared in the Feb. 9 print edition of Transport Topics.
EGL's 4Q Profits Rise
EGL Eagle Global Logistics Inc. said Tuesday its net income for the fourth quarter was $9.1 million of 19 cents per share on net revenues of $198 million, compared with $6.7 million or 14 cents a year earlier."We continue to see growth in all international product lines and slight improvements in the [U.S.] domestic forwarding market," Chief Executive Officer Jim Crane said in a statement. "Our fourth-quarter performance reflects steady improvements in the global economy."
For all of 2003, net income rose about 150% to $23.9 million or 50 cents per share on net revenues $735 million.
Looking ahead, the company said it was expecting a net income of 5 cents to 7 cents for the first quarter and 75 cents to 85 cents for the full year. Transport Topics
