News Briefs - Oct. 23
The Latest Headlines:
- Mullen Reports Better 3Q in 2003
- U.S. Initial Jobless Claims Fall to 386,000
- Volvo Says Net Income Doubled on Trucks and Lending
- AAA Seeks Help From Trucking in Curbing Splash and Spray
- Crude Prices Steady After Dip
- U.S. Initial Jobless Claims Fall to 386,000
Mullen Reports Better 3Q in 2003
Mullen Transportation Inc. reported third-quarter net income of $9.5 million vs. $5.7 million in the 2002 quarter.The company said its earnings for the quarter totaled 64 cents per share vs. 37 cents in the same quarter last year.
Based in Aldersyde, Alberta, Canada, Mullen is a diversified trucking company. It ranked No. 72 on the 2003 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
U.S. Initial Jobless Claims Fall to 386,000
The number of people filing for first-time unemployment benefits last week fell 4,000 to 386,000, the Department of Labor reported Thursday.Initial jobless claims can be a good indicator of the overall health of the labor market. A strong labor market can drive spending and demand for trucking services.
The four-week moving average, a statistical device used to smooth out changes in the weekly figures, held at 392,250 for the second straight week. Transport Topics
Volvo Says Net Income Doubled on Trucks and Lending
Volvo AB, Europe’s largest manufacturer of heavy trucks said its third-quarter net income more than doubled versus last year on increased revenue from truck sales and its lending unit.Net income in the quarter rose to $125 million from $55 million in the 2002 quarter. The company reported it had earnings of 30 cents per share vs. 13 cents per share last year.
Volvo said it benefited from cost cutting at its U.S.-based financing unit and from the roll out of a new line of heavy trucks.
The company said third quarter orders for trucks rose 21%, but that sales dipped 13% to 36,622. Transport Topics
AAA Seeks Help From Trucking in Curbing Splash and Spray
AAA encouraged the trucking industry to help improve highway safety by accelerating the retirement of older, less aerodynamic tractor-trailers that produce visibility-limiting splash and spray on wet roads.The motorist advocacy group said it was making the request after a study by the AAA Foundation for Traffic Safety found many drivers find their visibility cut down by the spray or splashes from heavy trucks.
The study said that popular aftermarket add-ons like fender, brush or flap systems do not significantly reduce spray, but newer models of tractor-trailers with improved aerodynamics significantly reduce the amount of water sprayed.
In a release, AAA encouraged trucking firms to update their fleets with trucks built after 1997. Transport Topics
Crude Prices Steady After Dip
The price of crude oil held relatively steady Thursday morning after inventory figures released the day before pushed them down 1.3% on indications of supply increases, Bloomberg News reported.On the New York Mercantile Exchange, crude oil prices fell 8 cents a barrel to $29.86, Bloomberg said.
Analysts said Wednesday’s fall was due to increases in distillate fuel supplies, which rose 5.4% over a year ago, the Energy Department reported. Transport Topics
