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Prosperity - USA - Major trucking firms feel little pain at the pump
Customers absorb higher fuel costs
Detroit, Mich,USA -The Detroit Free Press, by DAVID BOWERMASTER/The Seattle Times -June 7, 2006: -- By levying fuel surcharges on customers such as Wal-Mart, Nordstrom and Home Depot that transport tons of stuff every day, trucking companies are feeling little pain at the fuel pumps... Indeed, revenue from fuel surcharges is rising even faster than fuel expenses at several of the country's largest trucking firms, suggesting some may be turning a profit on the fees... The prosperity has continued for the big trucking companies in 2006, even though diesel fuel now averages $2.89 per gallon:
-- J.B. Hunt Transport Services had a record first-quarter profit of $49 million on record sales of $780 million.
-- Knight Transportation, likewise, set records with $15.8 million in profit on $149 million in sales.
-- Swift Transportation's first-quarter profit soared 93% to $37.5 million and its stock reached an all-time high.
All three companies said the robust health of the economy, and particularly retail sales, more than made up for fat fuel bills... That is a big reason trucking companies are able to pass along higher fuel expenses...
posted by Unknown @ 11:02 AM
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