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TRUCKING INDUSTRY NEWS * USA - FedEx reports 22 percent loss for fiscal first quarter earnings
Despite decline, earnings top original expectations
Memphis,TEN,USA -Logistics Management, by Jeff Berman -18 Sept 2008: -- As the economy continues to reel due to high energy prices and this week’s news regarding historic losses on Wall Street, another glum update arrived in the form of FedEx' fiscal first quarter earnings, which were released today.The company said that net income for the quarter at $384 million—or $1.23 a share— was down 22 percent from last year’s $494 million during the same period. This decline is reflective of the economic tumult that has been experienced by various freight transportation services providers in recent quarters, as volumes remain low, capacity remains high, and fuel costs continue to impact the bottom line... Although quarterly net income was down 22 percent, quarterly revenue at $9.97 billion exceeded 2007’s fiscal first quarter’s $9.20 billion by 8 percent. Quarterly operating income at $630 million was down 23 percent from last year’s $814 million, and FedEx’ quarterly operating margin at 6.3 percent was off compared to 8.8 percent in 2007...
* McLeod panelists zero in on key issues
Nashville,TEN,USA -">Fleet Owner, by Wendy Leavitt -Sep 18, 2008: -- A trio of trucking industry leaders dove into the issues most impacting truck fleets and truck brokerage firms to present a comprehensive watch list during a panel presented here this week at the 18th annual McLeod Software Users’ Conference... According to Doug Clark, president & CEO of Greatwide Freight Brokerage (formerly Cargo-Master) and 2008 chairman of the Transportation Intermediaries Assn., the Truck Act, initiatives to put more responsibility for food safety and security on carriers, and the continuing problem of high-cost litigation against fleets were three issues “on his radar screen”... Ray Haight, executive director of MacKinnon Transport, Inc. and 2008-2009 chairman of the Truckload Carriers Assn. (TCA) said it was also key to watch out for the new safety-related regulations that the Federal Motor Carriers Safety Administration (FMCSA) expects to release by year-end, including a follow-up to the Interim Final rule on Hours of Service and a new rule requiring carriers with a “pattern of non-compliance” on hours of service to install electronic onboard data recorders (EOBRs). He noted that he did not expect the entry-level driver training initiative to move forward...
* ATA economist: Circumstances of current crisis make impact on trucking hard to predict
Arlington,VA,USA -The Trucker, by LYNDON FINNEY -18 Sept 2008: -- It’s hard to predict how the country’s current financial situation will impact trucking in the immediate future, a leading industry economist said today... “If the current economic situation continues to worsen and the country is pushed into a recession, sure it would hurt the trucking industry,” said Bob Costello, chief economist for the American Trucking Associations... But, he added, the real difficulty in knowing what might happen to the industry is the unknown...
Labels: trucking industry news USA
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