Car Hauler Allied Loses $1 Million in First Quarter
April 28, 2000
Car-hauling giant Allied Holdings Inc., Decatur, GA, had a net loss of $1 million in the first quarter. The company said higher fuel costs, net of the surcharges, reduced earnings in by approximately $1.6 million, or $0.20 per share.
Revenue for the first quarter was $282.9 million, compared to $261.2 million last year.
Revenues and operating results were lower due to manufacturing plant downtime in December and early January. But this was offset by continued cost control measures begun in the fourth quarter of 1999, a reduction in cargo claims and on-the-job injuries. Also helping were higher
vehicle delivery volumes due to higher new vehicle production in the first quarter of 2000, compared to 1999, as well as revenue enhancements.