Earnings reports, with varied results, continued to come in Wednesday from trucking companies Werner Enterprices, CNF, USA Truck, Covenant Transport, Knight Transport and US Freightways.
Ohaha, Nebraska-based Werner Enterprises reported operating revenues and earnings for the second quarter increased 5% to $322.8 million compared to $307.2 million in second quarter 2000. Net income decreased 6% to $12.1 million compared to $12.9 million in second quarter 2000.
"I am strongly encouraged by our financial results during one of the most difficult times faced by the truckload industry in the 45 years our company has been in business," said Chairman and CEO Clarence Werner. The company slowed fleet growth, focused on margin improvement, and reduced debt. Freight demand during second quarter was seasonally better than first quarter 2001, but was softer than second quarter 2000.
Werner's second quarter 2001 operating revenues were reduced due to transferring logistics business to Transplace.com. Werner Enterprises is one of six large transportation companies that merged their logistics business into the commonly owned, Internet-based logistics company.
California-based CNF Inc. reported second-quarter net income of $8.2 million compared to $43.7 million in the second quarter of 2000. They reported a second-quarter 2001 net loss of $227.9 million.
Operating income for the 2001 second quarter, excluding special charges, was $24.8 million compared with $87.1 million in 2000. Including special charges, the company reported a second-quarter 2001 operating loss of $352 million. Revenue in the 2001 second quarter was $1.26 billion compared with $1.4 billion in the prior-year period.
Special charges in the 2001 second quarter included a charge of $207.7 million for an operational restructuring at Emery Worldwide Airlines, and a write-off of $19.3 million of unrealizable accounts receivable at Menlo Logistics from a customer that has ceased operations.
"Overall results from our core operations before the special charges remained weak due to the severity of the economic downturn," said Gregory L. Quesnel, CNF president and CEO.
CNF's Con-Way Transportation Services reported second-quarter 2001 operating income of $42.4 million, down 35% from $65.5 million in the same quarter a year ago. Revenues were $489.2 million, down 7% from $528.4 million in second-quarter 2000, which included $20.9 million of revenue from Con-Way's truckload operation that was sold in August 2000.
Total CTS regional carrier tonnage fell 4 percent in the second quarter and LTL tonnage dropped 3 percent.
USA Truck of Van Buren, Arkansas, announced record operating revenues of $64.22 million for the second quarter of the year, an increase of 10.1% from $58.35 million for the same quarter of 2000. However, net income decreased 76.4% to $278,557 for the second quarter of 2001, compared to $1.18 million for the second quarter of 2000.
“The results of our concerted efforts to manage the costs associated with our October 1, 2000, driver pay increase as well as an aggressive company-wide cost cutting campaign, which began in January 2001, are encouraging," said Robert M. Powell, chairman, president and CEO. "We made marked improvements in safety and risk management, reducing the frequency of accidents by 34.7% for the quarter ended June 30, 2001, compared to the same quarter of 2000, while increasing our miles traveled by 10%. Perhaps the most encouraging news comes from driver turnover, where we replaced 17.4% fewer company drivers during the second quarter of 2001 than during the same quarter a year ago despite having 14.5% more drivers on our payroll.”
Truckload carrier Covenant Transport said its financial results for the second quarter show revenue increased 2% to $141.7 million from $139.4 million in the second quarter of 2000. Net income, on the other hand, decreased 81% to $600,000 from $2.9 million in the 2000 period.
"Covenant's earnings continue to be negatively impacted by soft freight demand," said Chairman, President and CEO David R. Parker. "Although utilization for the quarter improved modestly over a year ago, it was not enough to offset a $.03 per mile reduction in our revenue per total mile, net of fuel and accessorial charges.”
Phoenix-based Knight Transportation was the bright spot, announcing its 44th consecutive quarter of year over year growth in both revenue and net income.
This represents all quarters that Knight has been in business. For the second quarter of the year, revenue, before fuel surcharge, increased 13.6% to $58.7 million from $51.68 million for the same quarter of 2000. Income from operations increased 12.6% to $9.1 million from $8.1 million for the same period in 2000.
USFreightways reported revenue for the second quarter of $623.87 million compared to $634.03 million reported for the second quarter of 2000. Net income for the current year's quarter was $11.42 million, compared to $27.5 million net income for last year's second quarter.
As in the previous quarter, income was negatively impacted across all lines of business due to the continued slowing of the economy and resultant lower volumes and continued losses in the company's freight forwarding business.
Less-than-truckload revenue at the regional trucking subsidiaries decreased 2.9% from the 2000 second quarter. LTL shipments decreased 2.5% and LTL tonnage decreased 4.9%. LTL revenue per shipment decreased 0.4% from $114.03 to $113.57.
While all of USF's regional LTL companies were affected by the slowdown in the economy, USF Holland had the most impact on the quarter's results with decreases in revenue and tonnage of 5.1% and 7.7% respectively compared to last year's second quarter. The continued significant slowdown in the automotive industry and other heavy manufacturing seen in the first quarter continues to trouble the central United States.
Company officials believe that the slowdown is not over, and is planning strategies and tactics for the last half of the year with that in mind.
Ohaha, Nebraska-based Werner Enterprises reported operating revenues and earnings for the second quarter increased 5% to $322.8 million compared to $307.2 million in second quarter 2000. Net income decreased 6% to $12.1 million compared to $12.9 million in second quarter 2000.
"I am strongly encouraged by our financial results during one of the most difficult times faced by the truckload industry in the 45 years our company has been in business," said Chairman and CEO Clarence Werner. The company slowed fleet growth, focused on margin improvement, and reduced debt. Freight demand during second quarter was seasonally better than first quarter 2001, but was softer than second quarter 2000.
Werner's second quarter 2001 operating revenues were reduced due to transferring logistics business to Transplace.com. Werner Enterprises is one of six large transportation companies that merged their logistics business into the commonly owned, Internet-based logistics company.
California-based CNF Inc. reported second-quarter net income of $8.2 million compared to $43.7 million in the second quarter of 2000. They reported a second-quarter 2001 net loss of $227.9 million.
Operating income for the 2001 second quarter, excluding special charges, was $24.8 million compared with $87.1 million in 2000. Including special charges, the company reported a second-quarter 2001 operating loss of $352 million. Revenue in the 2001 second quarter was $1.26 billion compared with $1.4 billion in the prior-year period.
Special charges in the 2001 second quarter included a charge of $207.7 million for an operational restructuring at Emery Worldwide Airlines, and a write-off of $19.3 million of unrealizable accounts receivable at Menlo Logistics from a customer that has ceased operations.
"Overall results from our core operations before the special charges remained weak due to the severity of the economic downturn," said Gregory L. Quesnel, CNF president and CEO.
CNF's Con-Way Transportation Services reported second-quarter 2001 operating income of $42.4 million, down 35% from $65.5 million in the same quarter a year ago. Revenues were $489.2 million, down 7% from $528.4 million in second-quarter 2000, which included $20.9 million of revenue from Con-Way's truckload operation that was sold in August 2000.
Total CTS regional carrier tonnage fell 4 percent in the second quarter and LTL tonnage dropped 3 percent.
USA Truck of Van Buren, Arkansas, announced record operating revenues of $64.22 million for the second quarter of the year, an increase of 10.1% from $58.35 million for the same quarter of 2000. However, net income decreased 76.4% to $278,557 for the second quarter of 2001, compared to $1.18 million for the second quarter of 2000.
“The results of our concerted efforts to manage the costs associated with our October 1, 2000, driver pay increase as well as an aggressive company-wide cost cutting campaign, which began in January 2001, are encouraging," said Robert M. Powell, chairman, president and CEO. "We made marked improvements in safety and risk management, reducing the frequency of accidents by 34.7% for the quarter ended June 30, 2001, compared to the same quarter of 2000, while increasing our miles traveled by 10%. Perhaps the most encouraging news comes from driver turnover, where we replaced 17.4% fewer company drivers during the second quarter of 2001 than during the same quarter a year ago despite having 14.5% more drivers on our payroll.”
Truckload carrier Covenant Transport said its financial results for the second quarter show revenue increased 2% to $141.7 million from $139.4 million in the second quarter of 2000. Net income, on the other hand, decreased 81% to $600,000 from $2.9 million in the 2000 period.
"Covenant's earnings continue to be negatively impacted by soft freight demand," said Chairman, President and CEO David R. Parker. "Although utilization for the quarter improved modestly over a year ago, it was not enough to offset a $.03 per mile reduction in our revenue per total mile, net of fuel and accessorial charges.”
Phoenix-based Knight Transportation was the bright spot, announcing its 44th consecutive quarter of year over year growth in both revenue and net income.
This represents all quarters that Knight has been in business. For the second quarter of the year, revenue, before fuel surcharge, increased 13.6% to $58.7 million from $51.68 million for the same quarter of 2000. Income from operations increased 12.6% to $9.1 million from $8.1 million for the same period in 2000.
USFreightways reported revenue for the second quarter of $623.87 million compared to $634.03 million reported for the second quarter of 2000. Net income for the current year's quarter was $11.42 million, compared to $27.5 million net income for last year's second quarter.
As in the previous quarter, income was negatively impacted across all lines of business due to the continued slowing of the economy and resultant lower volumes and continued losses in the company's freight forwarding business.
Less-than-truckload revenue at the regional trucking subsidiaries decreased 2.9% from the 2000 second quarter. LTL shipments decreased 2.5% and LTL tonnage decreased 4.9%. LTL revenue per shipment decreased 0.4% from $114.03 to $113.57.
While all of USF's regional LTL companies were affected by the slowdown in the economy, USF Holland had the most impact on the quarter's results with decreases in revenue and tonnage of 5.1% and 7.7% respectively compared to last year's second quarter. The continued significant slowdown in the automotive industry and other heavy manufacturing seen in the first quarter continues to trouble the central United States.
Company officials believe that the slowdown is not over, and is planning strategies and tactics for the last half of the year with that in mind.
media brand
0 Comments
See all comments