P.M. Executive Briefing - Nov. 10
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U-Haul's Holding Company Reports Increased 3Q Earnings
AMERCO (UHAL)AMERCO, a holding company that owns truck rental company U-Haul, reported increased earnings for the third quarter. Earnings per share rose 1 cent from 1999 to $1.77 per share. The company credited the increase in part to growth in its moving and storage business unit. This also affected U-Haul's fleet, which grew from 92,510 trucks in 1999 to 98,082 trucks in 2000.Reno, Nev.-based AMERCO is also the holding company for Oxford Life Insurance, Republic Western Insurance and Amerco Real Estate. Transport Topics
Fritz Companies Announce Executive Changes
The chief executive officer of Fritz Cos., Raymond L. Smith, will resign on Nov. 17, and that position will go back to Lynn C. Fritz, now chairman of the board. Graham R.F. Napier, chief operating officer, has been named president.
Smith will continue to provide consulting services, the company said. A statement credited Smith's leadership with development of the industry's first response tracking system.
The San Francisco-based Fritz provides flexible door-to-door transportation and materials management services. It has workers in more than 400 locations in 120 countries.
Tanker Shortage Contributing to Higher Fuel Prices
Tankers that ship oil are contributing to the rising fuel prices, Bloomberg reported. The wire service said that the supply of modern tankers, which guard against oil spills and other environment hazards, is low. And fewer tankers means higher shipping costs. Blooomberg noted that the cost to ship one barrel of crude from the Persian Gulf to the United States has more than doubled in the past year.Last week, at an American Trucking Associations meeting in San Diego, former British Prime Minister John Major ad-dressed this issue. He said many tankers lack capacity and logistically go to the wrong place at the wrong time. But Major predicted that the supply would eventually catch up to demand and drive oil prices down to $20 a barrel. Transport Topics
Volvo to Benefit From $1B French Military Contract
Swedish truck maker Volvo (VOLVY) is expected to benefit further from its purchase of Renault's truck division via a contract with the French military, Bloomberg reports.Giat Industries, a joint venture between the French government and Renault to build tanks and other heavy miltary vehicles, has re-ceived an order for 700 armored vehicles worth $1 billion, the story said. In April, Volvo agreed to buy Renault's truck division for $2.2 billion. This purchase included Renault's stake in Giat.
Volvo is the world's third largest maker of heavy trucks. Transport Topics
Roadway to Offer Holiday Product Returns Program
Less-than-truckload carrier Roadway Express (ROAD) is launching a new service to help companies manage their post-holiday returns, the company said.Roadway normally transports general commodities but will offer seasonal programs to pick up, inspect, sort and ship returned goods at stores. The service is mainly for the holidays, but is also available to handle ongoing returns service and short-term projects like product recalls, the company said.
Roadway is based in Akron, Ohio. The company offers regular and expedited LTL services through all 50 states, Canada, Mexico and 66 other countries. Transport Topics
Headlines From Today's A.M. Briefing
- Recount Brings Florida to 327-Vote Gap, AP Says
- US&T Reports 58 Cents/Share Loss
- Xata Cuts Number of Shares to Deere
- Trucking Insurance Leads to 3Q Loss for Gainsco
- Roadway Express Elects New Treasurer
- Global Project to Study Transport Future
- Flatware Maker Oneida to Cut Workforce 8%-10%
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