P.M. Executive Briefing - Jan. 20
This Afternoon's Headlines:
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Werner Enterprises Inc., Posts 4Q EPS $0.27 vs. $0.33
Werner Enterprises said it saw fourth-quarter earnings per share of 27 cents, down from 33 cents in the year-earlier quarter, as revenues rose to $280.6 million from $232.3 million and net income fell to $12.8 million from $15.5 million.For the full year, Werner saw $1.26 million in earnings per share, up from $1.19 million the previous year, as revenues rose to $1.05 billion from $863.4 million and net income rose to $60 million from $57.3 million. Standard & Poor's (01/20/00)
Swift Transportation Posts Record Earnings
Swift Transportation said it saw record fourth-quarter revenue of $284.3 million, up 19.1% from the year-earlier quarter, with record net earnings of $18.5 million (29 cents per share), up 12.6%. The company also saw record full-year revenues of $1.061 billion, up 21.5% from 1998, with record net earnings of $66.8 million ($1.02 per share), up 20.4%.It said its fourth-quarter per-share results were raised about 5 cents by a consent decree with the Equal Employment Opportunity Commission in which the company will pay significantly less than it expected. The EEOC had challenged Swift's policy of having driver trainers teach drivers of the same sex.
[The Wall Street Journal reported Thursday that Swift's operating earnings missed analysts' projections and that Swift's share price fell 21% Wednesday. Deutsche Banc Alex. Brown cut Swift from a strong buy rating to a buy rating, the paper reported.] Journal of Commerce Online (01/20/00)
American Freightways Plans Seven-State Expansion
American Freightways has announced that it will open 17 customer service centers on April 17, located in Vermont, Connecticut, Rhode Island, Maine, New York, Massachusetts, and New Hampshire. The new centers will complete the company's coverage of the northeastern United States and will allow its LTL carrier customers to reach the 39 easternmost states. Shippers will be able to select from next-day, second-day, or day- or time-definite services.American Freightways currently offers service in 32 states in the southwestern, eastern, southeastern, and midwestern portions of the country. It also has partnerships for service in South America, Alaska, Puerto Rico, Canada, Mexico, the Caribbean Islands, Hawaii, and Central America. Journal of Commerce Online (01/20/00)
Renault Trucks Is Discussing Stake in Samsung Trucks: Company President
Renault VI President Patrick Faure told Le Monde newspaper Thursday that the Renault heavy-vehicle unit is in discussions about acquiring a stake in the truck division of South Korea's Samsung. The discussions, which began late last year, are independent of Renault's discussions with Samsung's car subsidiary, he added.He also said Renault and Daewoo, also of South Korea, are not in talks, despite suggestions to the contrary. Agence France Presse (01/20/00)
Ohio Police Officer Discharged
Akron, Ohio, police Lt. John A. Lawson was arrested last week in the theft of a computer, printer, and software from a Roadway Express dock. He had a job as a security guard at the carrier's Akron site. The items in the Dec. 31 theft were worth $2,489. Lawson resigned his police job and applied for disabilityetirement, and he reportedly admitted committing the crime. Land Line Magazine Online (01/20/00)
Koch Sells Clean Diesel in Texas
Koch Petroleum announces that it has introduced "Performance Gold Diesel," a cleaner blend of diesel fuel, to specific Texas markets.Performance Gold, when compared to standard No. 2 diesel fuel, typically lowers volatile organic compounds and carbon monoxide emissions by 20 percent, particulates by 15%, and nitrogen oxide by 5%, and reduces visible smoke by 30%. However, its price is 2 cents to 3 cents more per gallon.
Nevertheless, Koch estimates that consumers can save money by using Performance Gold due to a potential increase in fuel economy – in some cases, the company says, regular use will increase fuel economy by 5%, which means a net savings of about 3 cents per gallon over common diesel, and it provides 5% more power.
Koch says that the markets it is targeting include the main cities along the Texas Interstate 35 corridor, such as Waco, Dallas/Fort Worth, San Antonio, and Austin. According to Koch, if every truck in Texas used Performance Gold, it would be as though 20,000 diesel trucks were removed from the roads. Oil Daily (01/20/00) P. 6
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