U.S. Firms to Raise Prices Amid High Costs, Survey Says
More U.S. companies plan to raise boost prices and limit hiring as a continuing surge in raw-material costs crimps profits, according to a new business survey, Bloomberg reported Monday.
July 21, 2008For-Hire Carriers Endured a Painful Year, But Certain Niches Thrived, TT 100 Shows
It has been a year of retrenchment for most, but not all, of the largest for-hire carriers in the United States and Canada, as fleets scramble to cope with record fuel prices and weak freight demand.
July 21, 2008June Truck Sales Rise 9.5%
Heavy-duty U.S. retail truck sales grew by 9.5% in June, compared with year-ago levels, and ended a streak of 17 consecutive months of contraction, according to the latest survey by WardsAuto.com.
July 21, 2008Smaller Fleets Seeking Buyers as Strategy to Avoid Bankruptcy
Behind this year’s surge in trucking company failures, brought on largely by the double-whammy of slow freight and skyrocketing fuel prices, is another ominous trend: a sharp increase in the number of motor carriers asking larger competitors to buy them out.
July 21, 2008Diesel Rises 3.7¢ to Record $4.764; Crude Drops
The U.S. retail diesel average rose 3.7 cents last week to another record, $4.764 a gallon, the Department of Energy reported, while the price of crude oil posted its largest single-day drop in 17 years on July 15.
July 21, 2008Oil Closes Week Below $129 a Barrel
Oil plunged more than $15 this week, finishing Friday’s trading below $129 a barrel, Bloomberg reported.
July 18, 2008Werner’s 2Q Income Declines
Truckload carrier Werner Enterprises’ second-quarter net income fell to $18.1 million, or 25 cents a share, from $22.3 million, or 30 cents, a year earlier.
July 18, 2008SIRVA Appoints Wes Lucas CEO
Moving company Sirva Inc. said it has appointed Wes Lucas its new chief executive officer, succeeding Robert Tieken, who the company said led it through its successful financial reorganization.
July 18, 2008Cummins to Acquire N.C. Engine Company
Diesel engine maker Cummins Inc. said Friday it concluded joint ventures with two companies and that it will purchase a stake in a North Carolina engine company, which will become a Cummins unit.
July 18, 2008Sterling to Cut Shift, Lay Off 720 Workers at Ontario Plant
Sterling Trucks plans to eliminate one of two shifts and lay off 720 workers in Ontario in November, the Canadian Press reported Thursday.
July 18, 2008