Things are looking up among trucking companies, as many report improvement in financial statements released Thursday.
CNF, Palo Alto, Calif., reported second-quarter net income of $19.8 million. This compares with a net loss of $227.9 million in the second quarter of 2001. Excluding a restructuring charge and other unusual items, net income in second-quarter 2001 was $9.8 million.
Second-quarter 2002 operating income was $43.9 million. This compares with a loss from operations of $352 million in the same quarter a year ago, or operating income of $27.5 million excluding unusual items. Revenue for the second quarter of 2002 was $1.19 billion compared with $1.26 billion in second-quarter 2001, which included $41.9 million from the Express Mail contract that was terminated in August 2001.
For the first six months of 2002, net income was $38.1 million, or $24.2 million excluding $13.9 million of after-tax gains from unusual items in the first quarter. This compares with a net loss of $214.4 million for the first six months of 2001, or $22.8 million excluding unusual items.
For the second quarter of 2002, Con-Way Transportation Services reported operating income of $35.1 million, down 17 percent from $42.4 million in the year-ago period. Revenue was $504 million, up 3 percent from last year's $489.2 million.
Covenant Transport, Chattanooga, Tenn., announced that earnings per share for the quarter of $.21 exceeded the expected range of $.18 to $.20 per share.
For the quarter, freight revenue, before fuel and accessorial surcharges, fell 2% to $138.8 million from $141.7 million compared to the second quarter of 2001. Net income, however, increased 438% to $3 million from $554,000 in the second quarter of 2001.
Knight Transportation, Phoenix, Ariz., reported quarterly revenue, before fuel surcharge, increased 16.4% to $68.3 million from $58.7 million for the same quarter of 2001. Net income increased 32.5% to $6.7 million from $5.1 million for the same period in 2001.
Arkansas Best, the parent of ABF Freight System, Fort Smith, Ark., announced second quarter net income of $6.5 million, compared to second quarter 2001 net income of $9.8 million. Revenue during this year's second quarter was $345.1 million.
Second quarter revenue at ABF was $308.1 million versus $324.8 million in the second quarter of 2001. This represents a 5.2% decline in daily revenue when compared to last year.
ABF's second quarter operating ratio was 95.9% versus 93.9% during the same period last year. Second quarter 2002 operating income at ABF was $12.5 million compared to $19.9 million in 2001.
Clipper's second quarter 2002 revenue was $30.4 million compared to revenues of $34.3 million during the second quarter of 2001. Operating income for the quarter was $811,000 versus $1.1 million during the same period last year. Clipper's second quarter operating ratio was 97.3% this year and was 96.7% during the second quarter of 2001.
Transport Corporation of America Minneapolis, announced revenues for the second quarter 2002 of $69 million, compared with 2001 second quarter revenues of $69.4 million. Excluding the impact of reduced fuel surcharge revenues, which compensate for higher fuel costs, revenues increased by 2 percent over the second quarter of 2001. Second quarter's net income was $208,000, compared with a 2001 second quarter net income of $376,000.
Marten Transport, Mondovi, Wis.. reported revenue of $74 million for the second quarter compared with $71.7 million in the same period last year. Revenue net of fuel surcharges to customers increased 5.8 percent from the second quarter of last year. Fuel surcharges declined $1.6 million in the second quarter due to a significant decrease in the price of diesel fuel.
Second-quarter net income increased 47.8 percent to $2.8 million from $1.9 million in the second quarter of 2001.
Operating income for the second quarter was $5.2 million, up 19.7 percent from $4.3 million last year. Marten's operating ratio improved to 93 percent from 94 percent in last year's second quarter.
Boyd Bros. Transportation, Clayton, Ala., reported earnings before income taxes of more than $1 million for the quarter. This was the highest quarterly pre-tax profit level achieved by the company in more than two years and underscored a sharp reversal from the losses reported in each of the last two trailing quarters.
For the quarter ended June 30, operating revenues rose 3% to $32.7 million from $31.7 million in the comparable period last year. Net income increased 115% to $607,350 versus $282,711 in the same quarter of 2001.
Landstar System, Jacksonville, Fla., reported record second quarter net income of $12.2 million, compared to net income of $10.9 million in the 2001 second quarter.
Revenue was $391.2 million for the 13-week period ended June 29, 2002, compared with $358 million for the 13-week period ended June 30, 2001.
Landstar's carrier group of companies generated $310 million of revenue in the 2002 second quarter, compared with $280.2 million in the 2001 second quarter. Landstar's multimodal services group of companies reported revenue of $74.3 million in the 2002 second quarter compared to $72.2 million in the 2001 second quarter.
Overnite Transportation, Richmond, Va., reported net income of $14.4 million for the second quarter of 2002, a 10.9 percent increase, on revenue of $331.7 million, compared to $13 million and $324.3 million, respectively, last year.
The results for the second quarter of 2001 are on a pro forma basis including Overnite Transportation Company and Motor Cargo Industries, assuming the latter was acquired on January 1, 2001.
Coming off its solid second-quarter numbers, Overnite recorded its finest first half since 1994, reporting six-month net income of $23.4 million on revenue of $636.6 million.
Operating ratio for the quarter stood at 94.5, the same as recorded last year.
Yellow Corp., Overland Park, Kan., reported second quarter 2002 income, before unusual items, of $6.8 million. Income for the second quarter of 2001, excluding unusual items, was $7 million. Including unusual items, income was $6.2 million, compared to $5.7 million in the second quarter of last year.
Consolidated operating revenue for the second quarter was $843 million, up 2.2 percent, from $825 million last year. Consolidated operating income, before unusual items, was $14.5 million this quarter, compared to $19.9 million in the second quarter of last year. Including unusual items, consolidated operating income was $13.5 million compared to $17.6 million last year.
Yellow Transportation reported second quarter revenue of $628 million, down slightly from $629 million in the 2001 second quarter. LTL revenue, excluding fuel surcharge, was up 2 percent from the second quarter of 2001, driven by a 1.3 percent improvement in LTL tonnage and a .8 percent increase in LTL revenue per hundred weight. Operating income for the second quarter, excluding unusual items, was $11 million compared to $15.4 million in the second quarter of 2001. The second quarter operating ratio, excluding unusual items, was 98.2 this year and 97.6 last year.
CNF, Palo Alto, Calif., reported second-quarter net income of $19.8 million. This compares with a net loss of $227.9 million in the second quarter of 2001. Excluding a restructuring charge and other unusual items, net income in second-quarter 2001 was $9.8 million.
Second-quarter 2002 operating income was $43.9 million. This compares with a loss from operations of $352 million in the same quarter a year ago, or operating income of $27.5 million excluding unusual items. Revenue for the second quarter of 2002 was $1.19 billion compared with $1.26 billion in second-quarter 2001, which included $41.9 million from the Express Mail contract that was terminated in August 2001.
For the first six months of 2002, net income was $38.1 million, or $24.2 million excluding $13.9 million of after-tax gains from unusual items in the first quarter. This compares with a net loss of $214.4 million for the first six months of 2001, or $22.8 million excluding unusual items.
For the second quarter of 2002, Con-Way Transportation Services reported operating income of $35.1 million, down 17 percent from $42.4 million in the year-ago period. Revenue was $504 million, up 3 percent from last year's $489.2 million.
Covenant Transport, Chattanooga, Tenn., announced that earnings per share for the quarter of $.21 exceeded the expected range of $.18 to $.20 per share.
For the quarter, freight revenue, before fuel and accessorial surcharges, fell 2% to $138.8 million from $141.7 million compared to the second quarter of 2001. Net income, however, increased 438% to $3 million from $554,000 in the second quarter of 2001.
Knight Transportation, Phoenix, Ariz., reported quarterly revenue, before fuel surcharge, increased 16.4% to $68.3 million from $58.7 million for the same quarter of 2001. Net income increased 32.5% to $6.7 million from $5.1 million for the same period in 2001.
Arkansas Best, the parent of ABF Freight System, Fort Smith, Ark., announced second quarter net income of $6.5 million, compared to second quarter 2001 net income of $9.8 million. Revenue during this year's second quarter was $345.1 million.
Second quarter revenue at ABF was $308.1 million versus $324.8 million in the second quarter of 2001. This represents a 5.2% decline in daily revenue when compared to last year.
ABF's second quarter operating ratio was 95.9% versus 93.9% during the same period last year. Second quarter 2002 operating income at ABF was $12.5 million compared to $19.9 million in 2001.
Clipper's second quarter 2002 revenue was $30.4 million compared to revenues of $34.3 million during the second quarter of 2001. Operating income for the quarter was $811,000 versus $1.1 million during the same period last year. Clipper's second quarter operating ratio was 97.3% this year and was 96.7% during the second quarter of 2001.
Transport Corporation of America Minneapolis, announced revenues for the second quarter 2002 of $69 million, compared with 2001 second quarter revenues of $69.4 million. Excluding the impact of reduced fuel surcharge revenues, which compensate for higher fuel costs, revenues increased by 2 percent over the second quarter of 2001. Second quarter's net income was $208,000, compared with a 2001 second quarter net income of $376,000.
Marten Transport, Mondovi, Wis.. reported revenue of $74 million for the second quarter compared with $71.7 million in the same period last year. Revenue net of fuel surcharges to customers increased 5.8 percent from the second quarter of last year. Fuel surcharges declined $1.6 million in the second quarter due to a significant decrease in the price of diesel fuel.
Second-quarter net income increased 47.8 percent to $2.8 million from $1.9 million in the second quarter of 2001.
Operating income for the second quarter was $5.2 million, up 19.7 percent from $4.3 million last year. Marten's operating ratio improved to 93 percent from 94 percent in last year's second quarter.
Boyd Bros. Transportation, Clayton, Ala., reported earnings before income taxes of more than $1 million for the quarter. This was the highest quarterly pre-tax profit level achieved by the company in more than two years and underscored a sharp reversal from the losses reported in each of the last two trailing quarters.
For the quarter ended June 30, operating revenues rose 3% to $32.7 million from $31.7 million in the comparable period last year. Net income increased 115% to $607,350 versus $282,711 in the same quarter of 2001.
Landstar System, Jacksonville, Fla., reported record second quarter net income of $12.2 million, compared to net income of $10.9 million in the 2001 second quarter.
Revenue was $391.2 million for the 13-week period ended June 29, 2002, compared with $358 million for the 13-week period ended June 30, 2001.
Landstar's carrier group of companies generated $310 million of revenue in the 2002 second quarter, compared with $280.2 million in the 2001 second quarter. Landstar's multimodal services group of companies reported revenue of $74.3 million in the 2002 second quarter compared to $72.2 million in the 2001 second quarter.
Overnite Transportation, Richmond, Va., reported net income of $14.4 million for the second quarter of 2002, a 10.9 percent increase, on revenue of $331.7 million, compared to $13 million and $324.3 million, respectively, last year.
The results for the second quarter of 2001 are on a pro forma basis including Overnite Transportation Company and Motor Cargo Industries, assuming the latter was acquired on January 1, 2001.
Coming off its solid second-quarter numbers, Overnite recorded its finest first half since 1994, reporting six-month net income of $23.4 million on revenue of $636.6 million.
Operating ratio for the quarter stood at 94.5, the same as recorded last year.
Yellow Corp., Overland Park, Kan., reported second quarter 2002 income, before unusual items, of $6.8 million. Income for the second quarter of 2001, excluding unusual items, was $7 million. Including unusual items, income was $6.2 million, compared to $5.7 million in the second quarter of last year.
Consolidated operating revenue for the second quarter was $843 million, up 2.2 percent, from $825 million last year. Consolidated operating income, before unusual items, was $14.5 million this quarter, compared to $19.9 million in the second quarter of last year. Including unusual items, consolidated operating income was $13.5 million compared to $17.6 million last year.
Yellow Transportation reported second quarter revenue of $628 million, down slightly from $629 million in the 2001 second quarter. LTL revenue, excluding fuel surcharge, was up 2 percent from the second quarter of 2001, driven by a 1.3 percent improvement in LTL tonnage and a .8 percent increase in LTL revenue per hundred weight. Operating income for the second quarter, excluding unusual items, was $11 million compared to $15.4 million in the second quarter of 2001. The second quarter operating ratio, excluding unusual items, was 98.2 this year and 97.6 last year.
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