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TRUCKING INDUSTRY NEWS * USA
* Con-way Loses $154 million in First Quarter. Impairment charges pile on operating loss due to low demand
Ann Arbor,MI,USA -The Journal of Commerce, by John Gallagher -Apr 23, 2009: -- Transportation and logistics giant Con-way lost $154 million in the first quarter, including a goodwill impairment charge of $134.8 million, as a result of intense price competition and plummeting demand... The weak economy caused a decline in truckload market value in the quarter and triggered the impairment charge at Con-way Truckload, formerly Contract Freighters, which Con-way bought in 2007... Revenue of $962.9 million for the quarter was down 19.9 percent from first quarter 2008. Con-way posted an operating loss of $150.3 million during the period -- $15.5 million after accounting for the goodwill write down. This compared to operating income of $54 million during the same period a year ago...* UPS Freight Profit Takes Hit - Demand nosedives at LTL division, profit plunges 65 percent
Atlanta,GA,USA -The Journal of Commerce, by John Gallagher -Apr 23, 2009: -- Profit at UPS Supply Chain and Freight, which includes the express parcel carrier’s heavy package, less-than-truckload division, plunged 64.6 percent to $40 million in the first quarter as transportation demand nosedived during the period... Revenue at the division was off 19.8 percent, falling to $1.7 billion in the first quarter. Freight revenue alone dropped 11.5 percent year-over-year to $454 million...* Knight Increases Profit in First Quarter
Phoenix,AZ,USA -The Journal of Commerce, by John Gallagher -Apr 23, 2009: -- Strong brokerage, refrigerated business offsets decline in trucking... Truckload carrier Knight Transportation increased its profit 2.9 percent in the first quarter to $11.7 million, with strong brokerage and refrigerated business offsetting steep declines in core trucking volume... Phoenix-based Knight said revenue fell 15.7 percent to $148.7 million, but the company said business also improved late in the quarter ending March 31...* USF Holland Shuts Down Five More Terminals. LTL carrier consolidates operations due to weak freight demand
Holland,MI,USA -The Journal of Commerce, by John Gallagher -Apr 22, 2009: -- YRC Worldwide regional less-than-truckload carrier USF Holland closed terminals, including its Holland, Mich. terminal, due to weak freight demand. USF Holland closed 11 terminals in the northeast in March... In a continuing effort to “improve service performance, reduce costs and maintain competitiveness,” said a YRC spokeswoman, USF Holland will close terminals in Bensenville, Ill.; Erie, Pa.; Mansfield, Ohio, and in Holland and Pontiac, Mich.... The carrier will continue to serve the same customers by consolidating operations at regional service centers... * Hub Group Profit Plunges 52.6 Percent: Volumes decrease, costs remain high
Downers Grove,IL,USA -The Journal of Commerce, by Thomas L. Gallagher -Apr 23, 2009: -- Hub Group profits in the first quarter plunged 52.6 percent to $6.2 million as volumes decreased and costs remained high... Revenue for the asset-light freight transportation management company decreased 17 percent to $352 million. After transportation costs, gross margin fell 21 percent to $45.2 million... First quarter intermodal revenue decreased 19 percent to $246 million, attributable to a 5 percent volume decrease and a 14 percent decrease related mostly to fuel, the company said. Truck brokerage revenue decreased 24 percent to $68 million. Logistics revenue increased 18 percent to $38 million... Costs came down just 5.5 percent or $2 million, approximately the same amount by which salaries were cut. Total costs and expenses after transportation were $34.5 million...* Old Dominion Profit Dives 62 Percent: Severe pricing pressure, deep cuts in volume take a toll
Thomasville,NC,USA -The Journal of Commerce, by Marcy Frank -Apr 23, 2009: -- First-quarter profit at Old Dominion Freight Line dropped nearly 62 percent as weakening demand and lower prices took their toll on the multi-regional LTL carrier’s profits... Old Dominion earned $4 million in the first quarter, compared with $10.4 million a year earlier. Revenue fell 19.8 percent to $295.1 million... Total tons hauled in the quarter slipped 12.4 percent from a year ago; total shipments dropped 17.5 percent. Revenue per hundredweight, excluding fuel charges, declined 1 percent to $11.53.. Labels: trucking industry news USA
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