News Briefs - July 30
The Latest Headlines:
- Consumer Sentiment Index Rises for Second Straight Month
- Chicago-Area Factory Activity Expands at Faster Pace
- Pacer's Profits Rise 25%
- Net Loss Grows at Central Freight Lines
- Rail Intermodal Loadings Set New Record
- Oshkosh Completes Purchase Italian Companies
- Chicago-Area Factory Activity Expands at Faster Pace
Consumer Sentiment Index Rises for Second Straight Month
The University of Michigan said Friday its index of consumer sentiment rose to 96.7 in July, the highest since January, from 95.6 in June.This was the second straight month the index has increased, marking the first back-to-back increases since October-November 2003.
The university's expectations index, which measures optimism about the next one to five months, rose to 91.2 from 88.5 in June.
Chicago-Area Factory Activity Expands at Faster Pace
The National Association of Purchasing Management-Chicago said Friday its regional manufacturing index rose to 64.7 in July from a reading of 56.4 in June.The index last month had its biggest drop in three decades after reaching a 16-year high in May. Readings greater than 50 signal growth.
The Chicago index has averaged 62.9 so far this year compared with 54.6 in 2003. It's remained above 50 for the past 15 months.
The index of new orders rose to 68.7 this month from 56.8 in July. A gauge of production jumped to 69.5 from 53.9. The measure of order backlogs surged to 60.2 in July, the highest since 63.4 a decade ago, from 53.9. Transport Topics
Pacer's Profits Rise 25%
Transportation firm Pacer International Inc. said late Thursday its net income for the fiscal second quarter ended June 25 was $9.5 million or 25 cents per share, compared with $7.6 million or 20 cents a year earlier.Pacer said revenues Pacer's wholesale segment -- which includes Pacer Stacktrain and Pacer Cartage -- increased by 3.3%. Revenues for the retail segment, which arrange for and provide intermodal marketing, truck brokerage, international freight forwarding and other services, increased 2.8%.
"Pacer's wholesale segment continues to be the strength of the company, driven by continued strong intermodal volumes," said Don Orris, chairman and chief executive officer of Pacer.
Pacer is ranked No. 14 on the 2004 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Net Loss Grows at Central Freight Lines
Less-than-truckload carrier Central Freight Lines Inc. said late Thursday its net loss for the second quarter was $2.5 million or 14 cents per share, compared with a loss of $831,000 or 8 cents a year earlier.Operating revenue rose to $105.5 million from $100.2 million last year, the company said in a statement.
"Our current freight imbalance is continuing to cause a high usage of expensive one-way purchased transportation to balance freight lanes," said Central President Bob Fasso.
Central Freight is ranked No. 47 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Rail Intermodal Loadings Set New Record
The Association of American Railroads said Thursday the number of intermodal loadings on U.S. railroads totaled 221,202 trailers or containers in the week ended July 24, up 12.2% from the a year earlier and the highest volume for any week on record.The previous record was set five weeks earlier, AAR said in a statement. Trailer traffic was up 11.5%, while container volume rose 12.4%.
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.
Through the first 29 weeks of the year, intermodal volume totaled 5.95 million trailers or containers, up 9.3% from last year, AAR said. Transport Topics
Oshkosh Completes Purchase Italian Companies
Specialty truck maker Oshkosh Truck Corp. said it had completed the acquisition of 75% of Italian fire equipment companies BAI Brescia Antincendi International S.r.l. and BAI Tecnica S.r.l.Oshkosh said earlier this month the deal was worth $18 million. It said it has the option to purchase the remaining 25% of the companies after three years.
BAI sells municipal and airport fire trucks, and Tecnica sells firefighting equipment, Oshkosh said. Transport Topics
