News Briefs - Oct. 21
The Latest Headlines:
- Heartland Express Reports Nearly 31% Gain in Net Income
- UPS Reports 28% Jump in Net Income
- DaimlerChrysler Reports 3Q Loss
- Paccar 3Q Earnings Rise on Steady Demand
- CNF Reports Lower 3Q Earnings on Airfreight Unit
- Yellow, Roadway Certify Compliance with DOJ Requests
- Crude Oil Prices Jump on Supply, Weather Concerns
- UPS Reports 28% Jump in Net Income
Heartland Express Reports Nearly 31% Gain in Net Income
Truckload carrier Heartland Express said Tuesday that it had net income of $14.5 million in the third quarter – a 30.9% gain over the $11.1 million it reported in the 2002 quarter.The Coralville, Iowa-based company said its basic earnings per share for the quarter were 29 cents in 2003 vs. 22 cents in the 2002 quarter.
Heartland said that during the quarter it posted an operating ratio of 79.4% and had revenues of $104.5 million, up from $91.1 million in the previous year.
UPS Reports 28% Jump in Net Income
United Parcel Service Inc. said Tuesday that its net income during the third quarter rose 28% over last year to $739 million from $578 million in the 2002 quarter.The Atlanta-based package delivery company reported earnings per diluted share of 65 cents in the third quarter vs. 51 cents in the same quarter last year.
UPS said that volumes for its ground business rose 2% vs. last year and its Next Day Air service grew 10.2% for an overall gain of 3.2% to 374,000 domestic packages delivered in the third quarter.
U.S. package revenue rose 5.6% to $6.22 billion, the company said.
UPS is ranked No. 1 on the 2003 Transport Topics listing of the largest trucking companies in the United States and Canada. Transport Topics
DaimlerChrysler Reports 3Q Loss
DaimlerChrysler AG, parent company of Freightliner LLC, said Tuesday it posted a net loss of $1.9 billion in the third quarter or $1.90 a share.In the year-earlier period, the company had $908.1 million or 90 cents, the company said.
The loss was mainly due to a writing down of the value of the German automaker’s stake in European Aeronautic Defense & Space Co. Transport Topics
Paccar 3Q Earnings Rise on Steady Demand
Truck manufacturer Paccar Inc. said Tuesday that its third-quarter earnings rose 2.8% to $132.5 million or $1.13 per share.The company posted net income of $128.9 million or $1.11 a share in the 2002 quarter. The Bellevue, Wash.-based company said increased quarterly revenue 2.9% to $2.06 billion in the quarter.
Paccar, which lists itself as the world’s third-largest trucking company in the world, manufactures trucks under the Kenworth and Peterbilt nameplates. Transport Topics
CNF Reports Lower 3Q Earnings on Airfreight Unit
CNF Inc. said its earnings fell 24% in the third quarter, due mainly to losses in its airfreight unit.In the quarter, net income fee to $26.8 million or 46 cents per share vs. $35.5 million or 61 cents a share the previous year.
The company said that the loss at its Menlo Worldwide airline tripled to $14.3 million, including fines for hazardous materials transportation violations.
CNF, parent company of Con-Way, is ranked No. 4 on the 2003 Transport Topics 100 listing of the largest trucking companies in the Unite States. Transport Topics
Yellow, Roadway Certify Compliance with DOJ Requests
Yellow Corp. and Roadway Corp. both said Monday they have each “certified substantial compliance with” a second request for information relating to their merger by the Department of Justice.Earlier this year, Yellow announced plans to buy Roadway – a plan that could be approved as soon as this December.
Roadway and Yellow rank Nos. 6 and 8 on the 2003 Transport Topics 100 listing respectively. Transport Topics
Crude Oil Prices Jump on Supply, Weather Concerns
The price of crude oil rose in early trading Tuesday on concerns about a European cold spell and fears that OPEC would not step up production going into the winter months, Bloomberg News reported.On the New York Mercantile Exchange, crude prices rose 25 cents a barrel to $30.60, Bloomberg reported.
The president of the Organization of Petroleum Exporting Countries, Abdullah bin Hamad al-Attiyah indicated that that even though prices are high, OPEC plans to go ahead with its planned Nov. 1 production cut. Transport Topics
