News Briefs - Jan. 23
The Latest Headlines:
- Net Income, Revenues Rise for Heartland Express
- Arkansas Judge Dismisses Case Involving Back Taxes
- Werner Reports Higher Net Income
- Profits Increase 50% for SCS
- Heavy Trucker Gets Job Back From Company
- AAR Reports Intermodal Loads Up 6.9%
- Arkansas Judge Dismisses Case Involving Back Taxes
Net Income, Revenues Rise for Heartland Express
Truckload carrier Heartland Express Inc. said Friday its fourth-quarter net income was $19 million or 38 cents per share, compared with $11.2 million or 22 cents a year earlier.Revenue increased 12% to $103 million, Heartland said in a statement.
For the full year, Heartland's net income was $57.2 million or $1.14 per share, compared with $42.8 million or 86 cents per share in 2002. Revenues increased 18.9% to $405.1 million.
Arkansas Judge Dismisses Case Involving Back Taxes
A judge in Pulaski County, Arkansas, has dismissed a lawsuit brought by Wayne Smith Trucking Inc. that challenged state efforts to collect back taxes on tractors and trailers purchased and registered in other states, the Associated Press reported.Circuit Judge Ellen Brantley said trucking companies must first file a claim for relief with the state Department of Finance and Administration before seeking relief from the courts, AP said.
Many trucking companies previously bought and registered equipment in Oklahoma, which had low taxes. But Oklahoma now requires companies that register vehicles to have an established place of business in the state, while Arkansas' DF&A told companies they would have to pay taxes for the past three years if they wanted to switch their truck registrations.
The suit was filed in May 2003 and had the backing of the Arkansas Trucking Association and American Trucking Associations. Transport Topics
Werner Reports Higher Net Income
Truckload carrier Werner Enterprises said Thursday its net income for the fourth quarter was $21.5 million or 26 cents per share, compared with $17.6 million or 22 cents per share a year earlier.Operating revenues for the quarter increased 8% to $380.2 million, the company said in a release. For the full fiscal year, net income rose 20% to $73.7 million or 90 cents, Werner said.
"Freight demand from several of our retail and consumer products customers improved compared to the same period a year ago," said Chairman and Chief Executive Officer Clarence Werner. "In addition, freight demand for the first three weeks of January 2004 has been stronger than the weaker demand of the same period a year ago."
Werner is ranked No. 17 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Profits Increase 50% for SCS
SCS Transportation Inc. said Thursday its net income for the fourth quarter rose 50% on revenue of $207.5 million.The company said in a statement profits for the quarter were $4.6 million or 30 cents per share, compared with $3 million or 20 cents a year earlier.
SCS said its operating companies, Saia Motor Freight Line and Jevic Transportation, both reported higher revenues and less-than-truckload volumes.
SCS is ranked No. 25 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Heavy Trucker Gets Job Back From Company
A 412-pound truck driver who said he was fired because he could not fit behind the wheel of a delivery truck has received an apology and a bigger rig from his employer, the Associated Press reported.Walter Geter, 49, also received back pay from USF Holland Inc. to cover wages since his firing Jan. 15.
Geter's problems began when he arrived at a company terminal in Columbus, Ohio, where he learned that his regular truck had broken down. Managers told him to head for Milwaukee in a smaller truck used mainly for local deliveries, AP said.
Geter said he was fired after asking the chief dispatcher if he could switch to a larger truck. He filed a grievance through the Teamsters union, AP said. Transport Topics
AAR Reports Intermodal Loads Up 6.9%
The number of intermodal loadings on the nation’s railroads increased by 6.9% in the week ended Jan. 17 from the same week last year, the Association of American Railroads said Thursday.Intermodal is the segment of the rail industry that most directly competes with long-haul trucking.
Intermodal traffic totaled 199,452 trailers or containers, with container traffic up 5.1%, while trailer volume 12.6% higher.
For the first weeks into 2003, intermodal loadings are up 8.7% over last year’s total, AAR said. Transport Topics
