P.M. Executive Briefing - Sept. 18
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Gordon Drenches Florida, Will Move Up I-95 Corridor
After soaking Florida's Gulf Coast this weekend as Hurricane Gordon, the storm that remains is expected to move through Georgia and the Carolinas, and up the Atlantic coast as a tropical depression, the Weather Channel Web site reports.While the storm has weakened, it will still bring plenty of rain to the heavily traveled Interstate 95 corridor, which runs north and south along the coast. The Weather Channel report also said remnants of Gordon could spawn tornadoes in South Carolina and the southern part of North Carolina. Transport Topics
Eaton Expects Lower 3Q Results
Truck components maker Eaton Corp. announced Monday it expects third-quarter earnings per share to be about 10% less than the $1.45 it reported in 1999's third quarter.
Lower third-quarter results are expected because of the slumping North American truck market, the company said, citing a condition that is affecting many in the industry.
Eaton makes a variety of heavy truck-related products such as hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems and engine components. Transport Topics
Former Oliver Transportation Employees Settle Charges
Three former employees of now-defunct trucking company Oliver Transportation of Mexico, Missouri agreed to settle charges of inflated finances, the Securities and Exchange Commission announced recently.The agency alleged that the three fabricated fake customer orders, recording them as accounts receivable, from 1993 to 1995, Bloomberg reported.
Eight employees in all were charged by the SEC in 1998; the other five settled at that time. Oliver Transportation closed in August 1995 after it could not get bank credit, Bloomberg noted. Transport Topics
Oil Vaults Past $36 Mark
Crude oil prices went above the $36-per-barrel mark Monday, a 10-year high, on concerns over tensions between Iraq and Kuwait, Bloomberg reported.Oil increased 53 cents to $36.45 a barrel on the New York Mercantile Exchange, the highest since October 1990 when tensions were also high between the Persian Gulf neighbors, the article said.
Iraq last week accused Kuwait of pumping oil from a border area and flew jets near its border, the article said. Further escalation of these tensions could lead to a disruption of oil output in the Persian Gulf, where 30% of the world's oil is produced. Transport Topics
EGL Shareholders Approve Circle Merger
EGL Inc., a provider of airfreight forwarding and other transportation and logistics services under the EGL Eagle Global Logistics moniker, announced Monday its shareholders have voted to approve a merger with Circle International Group.Circle's shareholders will hold a similar vote Wednesday, and EGL expects to complete the merger by Oct. 2.
Circle is a worldwide transportation, logistics and information-management company operating in more than 100 countries. Transport Topics
Georgia Updates Rest Stops, Adds More Truck Parking
Truckers now have more places to rest along Georgia's highways, according to Monday's Atlanta Journal-Constitution.A renovation project launched six years ago, when the Atlanta Summer Olympics were on the horizon, has resulted in a major facelift for 17 of the states 20 rest areas and three of its nine welcome centers, the article said.
Part of the $125-million project is additional parking spaces for truckers to catch some sleep during the rest areas' hours of operation, the newspaper reported. In other states, truck drivers are often turned away from state-run rest areas, the article said, or there is just not enough room for them to rest at rest stops. Transport Topics
TransPro Nixes Quarterly Dividend
TransPro Inc., which manufactures heating and cooling systems for several industries including trucking, announced Friday it would discontinue the company's quarterly cash dividend.The dividend was 5 cents per common share in the past six fiscal quarters; eliminating it is expected to save TransPro $1.4 million annually, the company said. The action is necessary due to the lower demand for TransPro's replacement parts products, it said. Transport Topics
Headlines From Today's A.M. Briefing
- Regional LTL Carrier Crouse Halts Operations
- L.A. Roads Busier With Transit Strike
- Norfolk Southern RR May Downsize to Cut Costs
- Treadco, Goodyear Team Up for Truck Tires
- Components Supplier Dana Expects 3Q to Fall Below Estimates
- GM, Isuzu Form Joint Commercial Vehicle Sales/Service Venture
- Canadian Drivers May Halt Deliveries; Protests Continue Elsewhere
- Transit Group Says Lenders Gave 30-Day Extension
- SoCal Air Regulators Back Off From Early Clean-Diesel Rules
- Port of Los Angeles Now Uses "Green" Cargo Movers
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