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TRUCKING INDUSTRY * USA - FedEx Profit Soars 146 Percent
* Tennessee - International air demand jumps, company raises forecast and spending outlook
Memphis,TENN,USA -The Journal of Commerce Online -Mar 18, 2010: -- FedEx gave a strongly upbeat view of economic expansion Thursday, announcing its net profit jumped 146 percent to $239 million in its latest fiscal quarter on dramatic growth in international air express business... FedEx also said it will restore worker compensation programs that were cut during the depths of the downturn and will expand its capital spending about 11 percent this year as the company invests more in long-range international freighters operating in the fastest-growing part of its business... The expansion in international business follows reports of a dramatic increase in air freight demand out of Asia in late 2009 as retail shippers rushed to restock depleted inventories during a late but unexpectedly robust peak season... The FedEx Freight less-than-truckload shipment count soared 26 percent in the quarter, pushing revenue up 14 percent over last year. But the trucking segment nearly doubled its operating loss in the quarter, as higher costs for purchased transportation pushed the operating loss up 81 percent, to $107 million...* Oklahoma - Arrow Trucking Owes Nearly $100 Million. Only $8 million in assets listed in latest bankruptcy court filing
Tulsa,OK,USA -The Journal of Commerce Online, by William B. Cassidy -Mar 23, 2010: -- Bankrupt flatbed carrier Arrow Trucking owes creditors nearly $100 million and has assets of only $8.5 million, documents filed in U.S. bankruptcy court in Oklahoma show... Arrow Trucking, which shut down Dec. 22, owes unsecured creditors approximately $94.2 million, according to a list of assets and liabilities filed by Arrow's trustee. Creditors with secured claims against the company are owed about $4.8 million... The carrier's assets include $8.2 million in real property -- including terminals and office buildings and a residence valued at $2.49 million -- and $353,000 in personal property, including office equipment and furniture, according to a report in the Tulsa World... In its Jan. 8 petition for Chapter 7 bankruptcy protection, the company claimed to have $100 million to $500 million in assets. Those assets included trucks and vehicles abandoned after the company's collapse, the company's trustee said... The defunct carrier faces at least six lawsuits, including one from a Utah bank that alleges fraud and racketeering... (Image from kotv.images.worldnow)
Labels: trucking industry news USA
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