USFreightways Income Rises 27%
April 13, 2000
USFreightways Corp., Rosemont, IL, has reported net income for the quarter ending April 1 $22.3 million, a 27% increase over the $17.5 million reported for the same period last year.
Revenue for the quarter increased by 18.5% to $608.2 million from $513.2 million for the first quarter of 1999. USF Processors, acquired March 1, 1999, and Tri-Star Transportation Inc.,
acquired by USF Glen Moore early in January, collectively contributed approximately $22 million additional revenue this year.
Less-than-truckload revenue for the current quarter at the regional trucking subsidiaries increased 12.1% over the 1999 first quarter, LTL shipments increased 9.8% and LTL tonnage increased 9.4%. Operating earnings for the regional trucking group increased 26.7% to $38.2 million, while the consolidated operating ratio improved to 91.7 from 92.7 last year led by an outstanding performance by USF Holland and significant improvements at USF Dugan, USF Red Star and USF Reddaway.