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TRUCKING INDUSTRY NEWS * USA
* Leading Economic Indicators Improve in September
New York,NY,USA -Transport Topics -20 Oct 2008: -- An index of leading economic indicators improved in September, the New York-based Conference Board said Monday... The 0.3% increase followed a 0.9% decline in August, the group said... The improvement was in contrast to economists’ forecasts of a 0.1% decline, Bloomberg reported... The LEI is closely watched by trucking companies because it forecasts business activity for the next three to six months...
* UPS Sets 5.9% LTL Rate Hike for 2009
Atlanta,GA,USA -Transport Topics -17 Oct 2008: -- UPS Inc. said Friday it has set a 5.9% rate increase for its less-than-truckload unit, UPS Freight, for 2009... The company also set an average increase of 5.9% for UPS Ground packages and an average net increase of 4.9% on all air express and U.S.-origin international shipments... The new rates will take effect Jan. 5, the company said in a statement...* Heartland Express Reports 3Q Income Improves
Liberty,IA,USA -Transport Topics -20 Oct 2008: -- Heartland Express’ third-quarter profit rose to $18.7 million, or 19 cents a share, from $17.1 million, or 18 cents, a year ago... Revenue rose 15.9% to $169.9 million, the company said in a statement Monday... As previously announced, Heartland began a tractor fleet upgrade in the quarter, expected to include the about 1,600 new International ProStar tractors, in which it will take delivery from the third quarter just ended through 2009...* YRC Swaps Stock for Debt
Overland Park, Kan,USA -Transport Topics -17 Oct 2008: -- Less-than-truckload carrier YRC Worldwide issued new shares of common stock and used the issue to buy back debt in an effort to save about $600,000 a year in interest payments, Bloomberg reported Friday... YRC issued 1.72 million shares Oct. 9 to Oct. 16 in exchange for $13.2 million of its 5% convertible bonds, which were due in 2023, Bloomberg said, citing a filing with the U.S. Securities and Exchange Commission... The transaction saved YRC about $5.3 million, since the debt was purchased at below face value... The notes YRC purchased have been canceled and retired, Bloomberg reported...* USA - Forward Air’s 3Q Income Improves
Greeneville,TN,USA - Transport Topics -20 Oct 2008: -- Forward Air Corp.’s third-quarter profit rose to $12.1 million, or 42 cents a share, from $10.8 million, or 36 cents, a year ago... Revenue jumped 30.5% to $121.6 million, the company said late Monday...* Marten’s Third-Quarter Profit Doubles
Mondovi,WI,USA -Transport Topics -20 Oct 2008: -- Refrigerated truckload carrier Marten Transport said late Monday its third-quarter net income rose to $6.1 million, or 28 cents a share, from $3.1 million, or 14 cents, a year ago... Operating revenue from trucking and logistics operations rose 12.7% to $163.4 million, the company said in a statement... Truckload revenue rose 9.2% to $137 million, while logistics revenue net of intermodal fuel surcharges grew to $23.5 million in the third quarter, up 26.3% from the previous third quarter...* USA - Greatwide Logistics to be Acquired by Investor Group - Lenders to Provide $73.6 Million in Initial Financing
Dallas,TX,USA -Transport Topics -21 Oct 2008: -- Greatwide Logistics Services, a provider of non-asset-based transportation and third-party logistics services, said it will be acquired by a private investor group... The group includes affiliates of Centerbridge Capital Partners and the D.E. Shaw group, Greatwide said in a statement late Monday... To implement the deal , Greatwide will sell the company under Section 363 of the U.S. Bankruptcy Code... Some lenders will provide $73.6 million in new “debtor in possession” financing to support the business through the 363 sale process...* Celadon’s Quarterly Income Rises>
USA -Transport Topics -21 Oct 2008: -- Truckload carrier Celadon Group’s fiscal first-quarter net income rose 12% to $2.8 million, or 13 cents per share, from $2.5 million, or 11 cents, in the same period last year... Revenue for the quarter ended Sept. 30 rose 9.8% to $146.9 million, while freight revenue, which excludes fuel surcharges, fell 4% to $109.3 million...* Iteris Income Falls for Quarter
USA -Transport Topics -21 Oct 2008: -- Iteris Inc., which makes lane-departure warning systems for the trucking industry, reported its fiscal second-quarter profit decreased from a year ago... Its net income was $1.1 million, or 3 cents per share, down from $2.2 million, or 6 cents, a year earlier... Net sales and contract revenue rose to $19.1 million, from $17 million, for the fiscal quarter ended Sept. 30, Iteris said in a statement...
* C.H. Robinson’s 3Q Profit Improves
Eden Prairie,MN,USA -Transport Topics -21 Oct 2008: -- Transportation and third-party logistics firm C.H. Robinson Worldwide said its third-quarter profit rose to $93.6 million, or 54 cents a share, from $83.7 million, or 48 cents, a year ago... Transportation gross profit rose 12.2% to $310.4 million, from $276.6 million in the previous second quarter, the company said late Tuesday... Truckload volume rose 9%, less-than-truckload shipments rose 18%, intermodal profit rose 20.8% and ocean transport profit rose 48.5%, the company said... Labels: trucking industry news USA
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