News Briefs - Sept. 29
The Latest Headlines:
- Price of Oil Falls After DOE Says Stockpiles Rose
- Jeanne Brings More Flooding to Mid-Atlantic Region
- Caterpillar Raises Outlook for 2004
- Norfolk Southern Names Moorman President
- Dynamex Reports Higher Fiscal 4Q Profits
- Iowa Approves Funds for Highway 58 Improvements
- Jeanne Brings More Flooding to Mid-Atlantic Region
Price of Oil Falls After DOE Says Stockpiles Rose
The price of crude oil in New York fell on Wednesday after the Energy Department reported an unexpected increase in U.S. stockpiles, Bloomberg reported.Supplies gained 3.4 million barrels to 272.9 million in the week ended Sept. 24, the first increase in nine weeks, DOE said.
Crude oil for November delivery fell 39 cents to $49.51 a barrel on the New York Mercantile Exchange. Prices reached $50.47 on Tuesday, the highest since futures began trading in 1983. Transport Topics
Jeanne Brings More Flooding to Mid-Atlantic Region
Heavy rains from the remnants of Hurricane Jeanne caused widespread flooding and closed highways on Tuesday night in several different states along the East Coast, news services reported.States from Virginia to northern New Jersey received as much as eight inches of rain on, the Weather Channel reported.
In Philadelphia, traffic piled up for miles in both directions on the Schuylkill Expressway, a main artery to the Philadelphia suburbs, after the roadway was closed in both directions due to flooding, AP said. Officials at Philadelphia International Airport reported some flood-related flight delays and cancellations.
Two tornadoes were reported in the nearby Delaware Valley, and many local roads were made impassable by severe flooding, AP said. Other tornadoes were reported in Wilmington, Del., and Cherry Hill, N.J.
Meanwhile, President Bush was expected to visit Florida on Wednesday to see the damage from the storm. Jeanne, which struck Florida on Sunday, was the fourth hurricane to hit the state in six weeks. Transport Topics
Caterpillar Raises Outlook for 2004
Heavy equipment and engine maker Caterpillar Inc. said Tuesday it expected sales and revenues in 2004 to increase 25% to 30%, compared with 2003. In July, the company said revenues would increase about 25%.Also, the company expected 2005 sales and revenues to be up about 10% from 2004, with a record profit per share, Caterpillar Chairman and Chief Executive Officer Jim Owens said, in a statement, based on a preliminary outlook.
The company said retail sales figures in September showed “continued strength in worldwide machine and engine sales, driven by significant increases in North and South America,” but did not provide further details.
The company also reiterated that profit per share would still increase 80% to 85% compared to 2003, a position it also held in the July statement. Transport Topics
Norfolk Southern Names Moorman President
Freight railroad Norfolk Southern Corp. said Tuesday it named Charles Moorman as the company's president, effective Oct. 1.The company said that David Goode would remain the company's chairman and chief executive officer, and the Wall Street Journal reported Moorman would likely become chairman in 2006.
Moorman is currently senior vice president for corporate planning and services, the company said in a statement. He has been with Norfolk Southern since 1970. Transport Topics
Dynamex Reports Higher Fiscal 4Q Profits
Same-day delivery and logistics firm Dynamex Inc. said its net income for its fiscal fourth quarter ended July 31 was $3.1 million or 26 cents per share, compared with $2.2 million or 19 cents a year earlier.Sales rose 10.1% to $74 million for the quarter, the company said in a statement.
For the full fiscal year, net income was $12.8 million or $1.11, compared with $7.6 million or 67 cents during fiscal 2003.
Dynamex is ranked No. 69 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Iowa Approves Funds for Highway 58 Improvements
The Iowa Transportation Commission approved $2 million to boost safety on a stretch of Iowa Highway 58 from U.S. Route 20 to University Avenue, after a recent spate of traffic deaths, the Associated Press reported.owa Highway 58 runs north-south and intersects with U.S. 20 just west of Cedar Falls. U.S. 20 runs east-west from the Illinois border at Dubuque to Sioux City, along the South Dakota border.
Improvements could include median barriers and rumble strips, signals or sign changes, AP said. The urban stretch of Highway 58 has been site of nine traffic fatalities since it opened in 1995 — four in the last two years. Transport Topics
