News Briefs - June 14
The Latest Headlines:
- Pacer Lowers Second-Quarter Forecast
- Old Dominion Files to Sell 2.44 Million Shares
- Velocity Express Expands Capacity
- Trade Gap Widens to Record in April
- Old Dominion Files to Sell 2.44 Million Shares
Pacer Lowers Second-Quarter Forecast
Transportation services and logistics provider Pacer International Inc. said it was lowering its second-quarter profit forecast due a work stoppage by owner-operators and railroad service limitations.Don Orris, Pacer's chairman and chief executive officer, said second-quarter earnings would be in the range of 24 cents to 27 cents. Orris said Pacer was not changing its full-year earnings prediction of $1.22 to $1.28 per share.
“The April and May work stoppage by the owner-operators in specific locations caused the Union Pacific to temporarily embargo some terminals in Northern California and inhibited Pacer's ability to deliver its customers' freight,” the company said in a statement.
Pacer is ranked No. 14 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Old Dominion Files to Sell 2.44 Million Shares
Less-than-truckload carrier Old Dominion Freight Line Inc. said Thursday it had registered with the Securities and Exchange Commission to sell 2.44 million shares of it common stock.The company said in a statement it would offer 370,000 new shares, while the remainder would be offered by shareholders including Earl Congdon, chairman and chief executive officer.
Old Dominion said it would also grant the underwriters an option to purchase up to an additional 366,000 shares.
The company is ranked No. 30 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Velocity Express Expands Capacity
Same-day package carrier and logistics firm Velocity Express Corp. said Monday it had opened new cross-dock facilities in Las Vegas; Cleveland; Woburn, Ma.; Romulus, Mich.; and Downey, Ca.The company said in a statement it also upgraded capacity in Pennsylvania, North Carolina, Florida, South Carolina, Louisiana, Texas and Tennessee.
"Over 30% of our facilities have increased capacity in the last 90 days," said Chief Operating Officer Jeffrey Hendrickson. "The program has involved strategically repositioning the distribution centers, increasing their size and adding functionality to support the changes in our business and demands of our customers."
Velocity is ranked No. 47 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Trade Gap Widens to Record in April
The U.S. trade deficit widened in April to a record $48.3 billion, the Commerce Department said Monday.The gap comes after a deficit of $46.6 billion in March. Imports rose 0.2% to $142.3 billion, while exports fell 1.5% to $93.9 billion, Commerce said.
Imports of autos and parts increased in April to a record $19 billion. Consumers bought $31.7 billion worth of imported consumer goods, the report said. Transport Topics
