News Briefs - Sept. 22
The Latest Headlines:
- Georgia-Pacific May Sell Distribution Unit
- CNF Says Profit Will Top Analysts’ Predictions
- Expeditors Expects 3Q Profit of 28-30 Cents
- Group Seeks Expiration Dates on Tires
- OPEC Expected to Maintain Oil Quotas
- CNF Says Profit Will Top Analysts’ Predictions
Georgia-Pacific May Sell Distribution Unit
Georgia-Pacific Corp. said Monday it may sell its building-products distribution business as it cut costs, the Associated Press reported.The distribution business employs 3,390 people and operates 63 U.S. warehouses and one in Canada, AP said.
Products distributed include structural panels, plywood, roofing, insulation, lumber, paneling, vinyl siding and particleboard. Transport Topics
CNF Says Profit Will Top Analysts’ Predictions
Transportation firm CNF Inc. said late Thursday its net income for the third quarter would be 45 cents to 50 cents per share, topping analysts’ expectations, Bloomberg reported.Analysts were predicting CNF to earn 29 cents per share.
The company said in a release its Con-Way Transportation trucking unit and Menlo Worldwide freight-management and air freight business have seen higher-than-expected tonnage levels this quarter.
It also said its results could be reduced by as much as 10 cents a share to pay for a prior claim.
CNF is ranked No. 4 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Expeditors Expects 3Q Profit of 28-30 Cents
Expeditors International of Washington Inc., which manages freight shipments for importers and exporters, said last week its third-quarter profit would be about 28 cents to 30 cents a share.Analysts were expecting the company to report earnings of 33 cents per share, Bloomberg reported. Expeditors earned 28 cents a share a year ago.
Results were hurt by a year-over-year decline in airfreight from Asia during August as well as tighter profit margins on that freight, the company said. Transport Topics
Group Seeks Expiration Dates on Tires
Strategic Safety LLC has filed documents with the National Highway Traffic Safety Administration asking for expiration dates on tires, the Wall Street Journal reported Monday.The group cited 20 recent cases in which old tires came apart and allegedly caused accidents, resulting in 10 deaths, the article said.
However, this would cause huge logistical problems for tire makers and likely be fought fiercely by the industry on the grounds that it does not make sense scientifically, according to the Journal. Transport Topics
OPEC Expected to Maintain Oil Quotas
The OPEC oil cartel is expected to maintain output quotas at its meeting this week as sabotage and looting four months after the war crimp exports from Iraq, Bloomberg reported.Iraqi Oil Minister Ibrahim Mohammad Bahr al-Ulum planned to attend Wednesday's gathering, the country's first turnout since the March invasion.
Seven OPEC members including Saudi Arabia have signaled a change in quotas Wednesday is unlikely. The current quota is 25.4 million barrels a day.
Ministers maintained them at their last two meetings, held in June and July amid expectations OPEC would need to reduce supply to make room for Iraq, Bloomberg said. Transport Topics
