News Briefs - Oct. 28
The Latest Headlines:
- EGL Lowers 3Q Forecast
- Truckers Expected to Protest in Miami
- Quarterly, Yearly Profits Rise for Oshkosh
- P.A.M.'s 3Q Earnings Decline
- Covenant to Offer 2.3 Million Shares
- Cummins Earnings Fall on Weaker Engine Sales
- AAA Asks Trucks to Curb Splashing
- Truckers Expected to Protest in Miami
EGL Lowers 3Q Forecast
EGL Eagle Global Logistics, a Houston-based firm that arranges international freight shipments, said it expects to report third-quarter profit was at least one-third lower than previously predicted.The company, which said in a statement it would report full results in two weeks, said net income was 12 cents a share, less than its forecast of 18 cents to 20 cents. EGL's net income was $5.75 million or 12 cents a share in last year's third quarter.
A slow start in Asia "to the normally seasonally strong August-September period offset continued improvements from North America volumes and improvements from the logistics projects in Europe," said James Crane, chairman and chief executive officer. Transport Topics
Truckers Expected to Protest in Miami
Hundreds of truckers were expected to protest Tuesday in Miami against new customs procedures that took effect last week, the Sun-Sentinel of Ft. Lauderdale reported.South Florida is a hub for trade between the Americas, Europe and Asia.
Truckers are upset with new procedures implemented Oct. 20 by the Department of Homeland Security that clamp down on paperwork for "in-bond" cargo.
Trucks in Miami that carry "in-bond" cargo between the airport, seaport and other select sites now take up to 12 hours to clear customs because of the new procedures, the article said.
More than 1,500 truckers, including independent owner-operators and employees of freight and courier companies, could take part in the protests. Some truckers have vowed to disrupt celebrations for the Florida Marlins' World Series victory, according to the article. Transport Topics
Quarterly, Yearly Profits Rise for Oshkosh
Oshkosh Truck Corp., a manufacturer of specialty trucks and truck bodies, said Tuesday its net income for its fiscal fourth quarter ended Sept. 30 was $26 million or 74 cents per share, compared with $17.2 million or $0.50 per share a year earlier.Commercial truck sales increased 2.7% to $179.1 million during the quarter, while total sales increased 6.5% to $508.1 million.
For the full fiscal year, the company's net income was $75.6 million or $2.16 per share on sales of $1.93 billion, compared with $59.6 million or $1.72 per share on sales of $1.74 billion in fiscal 2002. Transport Topics
P.A.M.'s 3Q Earnings Decline
Truckload carrier P.A.M. Transportation Services Inc. said late Monday its net income for the third quarter was $2.96 million or 26 cents per share, compared with $3.96 or 35 cents a year earlier.Operating revenues increased 14.1% to $74.2 million, the company said.
"In light of the current economic climate, I was generally pleased with our revenue increase for the quarter but not so with the net income," said President Robert Weaver.
P.A.M. is ranked No. 63 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Covenant to Offer 2.3 Million Shares
Truckload carrier Covenant Transport Inc. said Tuesday it planned to offer up to 2.3 million shares of the company's Class A common stock.The company said in its registration statement with the Securities and Exchange Commission that 1 million shares would be offered by David and Jacqueline Parker and another million would be offered by the estate of Clyde Fuller.
An additional 300,000 are subject to an over-allotment option, the company said.
David Parker is Covenant's chairman and chief executive officer.
Covenant is ranked No. 31 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Cummins Earnings Fall on Weaker Engine Sales
Diesel Engine maker Cummins Inc. said Tuesday third-quarter profit declined 45% due to falling engine sales.Net income declined to $24 million or 60 cents a share, from $44 million or $1.05 a year earlier, the company said in a release. Engine sales fell 9% to $942 million.
Cummins said it expected full-year earnings "at the low end" of its previous forecast of $1.20 to $1.40. Transport Topics
AAA Asks Trucks to Curb Splashing
Motorist advocacy group AAA encouraged the trucking industry to improve highway safety by accelerating the retirement of older, less aerodynamic tractor-trailers that produce visibility-limiting splash and spray on wet roads.AAA said a study by its Foundation for Traffic Safety found the spray or splashes from heavy trucks cuts visibility for many drivers.
Popular aftermarket items such as 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, the study found. Transport Topics
This story appeared in the Oct. 27 print edition of Transport Topics.
