News Briefs - July 28
The Latest Headlines:
- ArvinMeritor's Sales Rise to Record in 3Q
- Forward Air's Profits Rise 34%
- Patriot's Earnings Surge in Latest Quarter
- Celadon's Net Income Doubles in Fiscal 4Q
- Stonepath Group Creates Committee to Plan Future Expansion
- Forward Air's Profits Rise 34%
ArvinMeritor's Sales Rise to Record in 3Q
Vehicle parts maker ArvinMeritor Inc. said Wednesday its fiscal third-quarter net income was $53 million or 77 cents per share on record sales of $2.4 billion. The company's quarter ended June 30.That compares with $47 million or 69 cents per share on sales of about $2.1 billion a year earlier.
"The improved results were driven by our Commercial Vehicle Systems business group, which continued to benefit from stronger North American Class 8 truck and trailer volumes," said ArvinMeritor Chairman and Chief Executive Officer Larry Yost.
Forward Air's Profits Rise 34%
Forward Air Corp., a contractor to the air cargo industry, said late Tuesday its net income for the second quarter was $8.5 million or 39 cents per share, compared with $6.3 million or 29 cents a year earlier.Operating revenue increased 15.5% to a record $68.4 million, the company said in a statement.
Forward is ranked No. 70 on the 2004 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Patriot's Earnings Surge in Latest Quarter
Patriot Transportation Holding Inc. said its profits for its fiscal third quarter ended June 30 was $11 million or $3.68 per share, compared with $1.3 million or 45 cents per share.Patriot operates Florida Rock & Tank Lines Inc. and SunBelt Transport Inc., as well as a real estate business.
Transportation revenues were $25.6 million, Patriot said, an increase of 10.9% over the same quarter a year ago.
"Demand for hauling services has also strengthened the company's transportation business," the company said in a statement. "Improved demand and pricing is especially occurring for the company's flatbed trucking operations which haul primarily construction materials." Transport Topics
Celadon's Net Income Doubles in Fiscal 4Q
Truckload carrier Celadon Group Inc. said late Tuesday its net income for its fiscal fourth quarter ended June 30 was $2.4 million or 26 cents per share, compared with $1.2 million or 15 cents a year earlier.Operating revenue increased 15.5% to $106.3 million, the company said in a statement.
For the full year, the company's net loss was $300,000 or 3 cents per share, compared with $3.6 million or 45 cents in fiscal 2003. Celadon said it took a charge of $6.9 million or 86 cents per share during the year related to used trailers.
"The favorable relationship of supply and demand in the truckload industry and the impact of the continuing successful implementation of our strategic plan have driven our improved results," said Chairman and Chief Executive Officer Steve Russell.
Celadon is ranked No. 49 on the 2004 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Stonepath Group Creates Committee to Plan Future Expansion
The Stonepath Group, parent of Stonepath Logistics, announced July 19 it had created an executive committee to plan for the company’s growth and future expansion.The Philadelphia company appointed executives in finance, technology and other key areas, said spokesman John Brine.
As a public company, we are constantly having to inform the public about our plans as a growing public company,” Brine said July 20.
Stonepath also said it planned to break its domestic services division, formerly headquartered in Minneapolis, into six regions, and that it was on pace to “exceed market expectations” for its second-quarter earnings, due out Aug. 4.
Brine said that while the company does not give out quarterly guidance, its annual guidance was that it expected to take in $325 million in revenues for 2004 and earn $11 million before taxes and depreciation.
Bohn Crain, the company’s chief financial officer, said in a statement that Stonepath would “comfortably beat the market’s second-quarter revenue target of $65 million and deliver solid year-over-year improvement to the $720,000 in EBITDA [earnings before interest, taxes, depreciation and amortization] it generated in the second quarter of 2003.” Transport Topics
