News Briefs - March 26
The Latest Headlines:
- AutoInfo’s Reports Higher Profits for 2003
- WSJ: OPEC Nations Expected to Keep Overproducing
- Consumer Sentiment Index Rises in March
- Rail Intermodal Loadings Rise 10%, AAR Says
- B&T Express’ O’Malley Wins TCA Award
- Personal Spending Rises 0.2% in February
- WSJ: OPEC Nations Expected to Keep Overproducing
AutoInfo’s Reports Higher Profits for 2003
Logistics provider AutoInfo Inc. said Thursday its net income for 2003 was $1.3 million or 5 cents per share, compared with $340,000 or 1 cent in 2002.Net revenues were $5.1 million, up from $3.4 million, while income from operations rose to $671,000 from $484,000.
AutoInfo, which offers group transportation as well as air and ocean freight services, did not include results for the fourth quarter in its statement. Transport Topics
WSJ: OPEC Nations Expected to Keep Overproducing
Although it is not clear whether OPEC will follow through with its previously announced oil production cut scheduled to take effect on April 1, officials said some member nations will keep pumping to reap a profit while prices are so high, the Wall Street Journal reported.Since September, OPEC has called for output reductions two times, but it is pumping more oil than before, the Journal said.
OPEC oil ministers are scheduled to meet next week to review output levels and officials have sent mixed signals whether they abandon the production cut of 1 million barrels a day to 23.5 million barrels agreed to in early February. Transport Topics
Consumer Sentiment Index Rises in March
The University of Michigan said Friday its final index of consumer sentiment for March rose to 95.8 in March from 94.4 in February. The preliminary reading two weeks ago was 94.1.The current conditions index climbed to 106.8 in March from 105.7 in February, while the consumer expectations component inched up, to 88.8 from 88.5.
The preliminary survey is based on telephone interviews with about 250 households on personal finances and business and buying conditions. The final survey at the end of the month covers about 500 households. Transport Topics
Rail Intermodal Loadings Rise 10%, AAR Says
The number of intermodal loadings on the nation’s railroads totaled 206,976 trailers or containers in the week ended March 20, up 10.1% from the same week a year earlier, the Association of American Railroads said late Thursday.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.
AAR said trailer traffic gained 14.2%, while container volume was up 8.6% in the latest week.
For the first 11 weeks of the year, intermodal volume totaled 2.2 million trailers or containers, up 6.9% from last year, AAR said. Transport Topics
B&T Express’ O’Malley Wins TCA Award
WAIKOLOA, Hawaii — The Truckload Carriers Association presented its Past Chairmen’s Award to Howard O’Malley, owner of B&T Express of North Lima, Ohio, at its annual convention here March 15.TCA officials said the award is given to individuals who have made a significant contribution to the business community, the industry and the association.
O’Malley joined his father’s trucking company, Lakeshore Motor Freight Co., in 1946 and started B&T Express in 1985. The company now operates more than 200 trucks and specializes in hauling steel through Illinois, Indiana, Michigan, Ohio, Pennsylvania and West Virginia.
O’Malley headed the trade association when it was known as the Common Carrier Conference-Irregular Route as part of American Trucking Associations. He also has been active in the Ohio Trucking Association and the Ohio Turnpike Association Advisory Board. Daniel P. Bearth
This story appeared in the March 22 print edition of Transport Topics.
Personal Spending Rises 0.2% in February
Personal spending rose 0.2% in February as purchases of automobiles and other durable goods slowed, the Commerce Department said Friday.February marked the fourth month in a row spending has increased and followed a revised 0.5% jump in January. Trucking will likely see increased demand for its services when spending rises.
Spending on durable goods such as autos and furniture fell 0.2% after dropping 3.2% in January.
Commerce also said personal incomes climbed 0.4% last month after a 0.3% increase in January. Transport Topics
