While the most recent fleet financial results ranged from healthy numbers to disappointing business levels from Arkansas Best, Landstar, Overnite, UPS, Marten Transport and P.A.M. Transportation, most all seemed upbeat, one way or another.
Arkansas Best Corp., Fort Smith, Ark., announced second quarter 2001 net income of $9.8 million, compared to second quarter 2000 net income of $17.7 million. Revenue for the 2001 second quarter was $407 million.
"In spite of the continued downturn in the economy, Arkansas Best Corp. produced good second quarter results," said Robert A. Young III, president and CEO. The company's ABF subsidiary had strong profitability resulting in an operating ratio of 93.9%. With a slight improvement in revenues, Clipper increased its operating income by 39% over last year's second quarter. G.I. Trucking, feeling the effects of the slower economy, reported a small operating profit for the quarter.
Quarterly revenues at ABF Freight System were $325 million compared to $345 million during the second quarter of 2000. ABF's 93.9% second quarter operating ratio compares to 90.5% during the same period last year. Second quarter operating income at ABF was $19.9 million versus $32.6 million in 2000, a decline of 39%.
During the second quarter, G.I. Trucking’s revenue was $42 million, a decrease of 1.9% compared to $42.8 million during the second quarter of 2000, while its second quarter operating ratio was 99.3% compared to 95.7% for the same period last year.
Clipper's second quarter 2001 revenue was $34.3 million, a slight increase over revenues of $34.1 million during the second quarter of 2000. This quarter's operating income was $1.1 million versus $809,000 during the same period last year. Clipper's second quarter operating ratio improved to 96.7% versus 97.6% during the second quarter of 2000.
Landstar System, Jacksonville, Fla., reported second quarter net income
of $10.9 million, compared to net income of $9.4 million in the 2000 second quarter. The 2000 second quarter included a $3 million pre-tax non-recurring charge for the relocation and restructuring of the operations of Landstar Ligon.
Operating margin was 5.4% in the 2001 second quarter compared to an operating margin, excluding the non-recurring charge, of 5.8% in the 2000 second quarter. Revenue was $358 million for the quarter that June 30, 2001, compared with $358.6 million for the quarter ending ended June 24, 2000.
Landstar's carrier group of companies generated $280.2 million of revenue in the 2001 second quarter, compared with $282.7 million in the 2000 quarter.
Landstar's multimodal services group of companies reported revenue of $72.2 million in the 2001 second quarter compared to $69.6 million in the 2000 quarter.
million pre-tax non-recurring charge which reduced net income.
Revenue in the 2001 quarter was approximately the same as the 2000 quarter, despite the difficult operating environment," said Chairman and CEO Jeff Crowe. "The operating margin in the 2001 second quarter was lower than the operating margin in the 2000 second quarter excluding the non-recurring charge, primarily due to a change in our revenue mix."
Overnite Transportation, the trucking subsidiary of Union Pacific, reported revenues of $289.8 million, up 2.2% over last year's second quarter. Net income was $12.6 million, equal to last year's second quarter.
Less-than-truckload revenue, the primary component (93%) of Overnite's revenue, grew by 3.1% to support an operating ratio of 94.6 with an operating income of $15.5 million for the second quarter.
"Placed in the context of the nation's economy and the tough environment for the LTL industry, the accomplishments of Overnite's people at this time are truly amazing," said Overnite CEO Leo Suggs.
Atlanta-based UPS reported a nearly 4% increase in revenue, volume growth in its air and international businesses and earnings in line with previous guidance, despite a weak global economy during the second quarter of 2001.
For the three months ended June 30, 2001, revenue totaled $7.6 billion, up 3.9% compared to the $7.3 billion reported for the same period a year earlier. Consolidated operating profits were $1.04 billion, down 10.3% compared to the $1.16 billion reported for the prior-year period.
Highlights for the quarter included continued growth in the company's logistics business, a double-digit gain in international export volume and an increase in domestic air volume, combined with effective controls on discretionary expenses.
"We said three months ago that we would take the steps necessary to effectively manage our business through these tough times and that's exactly what we're doing," said UPS Chairman and CEO Jim Kelly. "Our expense controls are working and we continue to grow in some of our key businesses, particularly international export and logistics."
Marten Transport, Mondovi, Wis., reported revenue of $71.7 million for the second quarter ended June 30, 2001, an increase of 10.6% from $64.8 million in the second quarter of last year. Second-quarter net income was $1.92 million compared with $2.47 million in the second quarter of 2000.
Operating income for the second quarter was $4.32 million, compared with $5.43 million last year. Marten's operating ratio increased to 94% from 91.6% in last year's second quarter.
"During the second quarter Marten Transport achieved strong equipment utilization levels and solid revenue growth -- Marten's ninth consecutive quarter of double-digit percentage revenue gains," said chairman Randy Marten. "Revenue per tractor per week, trips per week, and weekly mileage per tractor all exceeded last year's levels, and our historically low empty mile percent declined from last year's second quarter."
One of Marten’s key financial objectives for 2001 has been to reduce their long-term debt. Through the first half of the year it was lowered $12.8 million, or more than 14%.
P.A.M. Transportation Services, Tontitown, Ark., reported net income of $2.89 million for the second quarter of the year, compared to $2.82 million for the same quarter last year.
Operating revenues of $57.46 million were reported for the second quarter of 2001, an 8.4% increase compared to $53.03 million for the second quarter of 2000.
Operating income for the quarter ended June 30 was $5.96 million compared to $6.07 million for the prior year's second quarter.
Robert W. Weaver, President of the Company, commented, "With the state of the industry and the economy being as they are, we are very pleased with the results of our second quarter."
Arkansas Best Corp., Fort Smith, Ark., announced second quarter 2001 net income of $9.8 million, compared to second quarter 2000 net income of $17.7 million. Revenue for the 2001 second quarter was $407 million.
"In spite of the continued downturn in the economy, Arkansas Best Corp. produced good second quarter results," said Robert A. Young III, president and CEO. The company's ABF subsidiary had strong profitability resulting in an operating ratio of 93.9%. With a slight improvement in revenues, Clipper increased its operating income by 39% over last year's second quarter. G.I. Trucking, feeling the effects of the slower economy, reported a small operating profit for the quarter.
Quarterly revenues at ABF Freight System were $325 million compared to $345 million during the second quarter of 2000. ABF's 93.9% second quarter operating ratio compares to 90.5% during the same period last year. Second quarter operating income at ABF was $19.9 million versus $32.6 million in 2000, a decline of 39%.
During the second quarter, G.I. Trucking’s revenue was $42 million, a decrease of 1.9% compared to $42.8 million during the second quarter of 2000, while its second quarter operating ratio was 99.3% compared to 95.7% for the same period last year.
Clipper's second quarter 2001 revenue was $34.3 million, a slight increase over revenues of $34.1 million during the second quarter of 2000. This quarter's operating income was $1.1 million versus $809,000 during the same period last year. Clipper's second quarter operating ratio improved to 96.7% versus 97.6% during the second quarter of 2000.
Landstar System, Jacksonville, Fla., reported second quarter net income
of $10.9 million, compared to net income of $9.4 million in the 2000 second quarter. The 2000 second quarter included a $3 million pre-tax non-recurring charge for the relocation and restructuring of the operations of Landstar Ligon.
Operating margin was 5.4% in the 2001 second quarter compared to an operating margin, excluding the non-recurring charge, of 5.8% in the 2000 second quarter. Revenue was $358 million for the quarter that June 30, 2001, compared with $358.6 million for the quarter ending ended June 24, 2000.
Landstar's carrier group of companies generated $280.2 million of revenue in the 2001 second quarter, compared with $282.7 million in the 2000 quarter.
Landstar's multimodal services group of companies reported revenue of $72.2 million in the 2001 second quarter compared to $69.6 million in the 2000 quarter.
million pre-tax non-recurring charge which reduced net income.
Revenue in the 2001 quarter was approximately the same as the 2000 quarter, despite the difficult operating environment," said Chairman and CEO Jeff Crowe. "The operating margin in the 2001 second quarter was lower than the operating margin in the 2000 second quarter excluding the non-recurring charge, primarily due to a change in our revenue mix."
Overnite Transportation, the trucking subsidiary of Union Pacific, reported revenues of $289.8 million, up 2.2% over last year's second quarter. Net income was $12.6 million, equal to last year's second quarter.
Less-than-truckload revenue, the primary component (93%) of Overnite's revenue, grew by 3.1% to support an operating ratio of 94.6 with an operating income of $15.5 million for the second quarter.
"Placed in the context of the nation's economy and the tough environment for the LTL industry, the accomplishments of Overnite's people at this time are truly amazing," said Overnite CEO Leo Suggs.
Atlanta-based UPS reported a nearly 4% increase in revenue, volume growth in its air and international businesses and earnings in line with previous guidance, despite a weak global economy during the second quarter of 2001.
For the three months ended June 30, 2001, revenue totaled $7.6 billion, up 3.9% compared to the $7.3 billion reported for the same period a year earlier. Consolidated operating profits were $1.04 billion, down 10.3% compared to the $1.16 billion reported for the prior-year period.
Highlights for the quarter included continued growth in the company's logistics business, a double-digit gain in international export volume and an increase in domestic air volume, combined with effective controls on discretionary expenses.
"We said three months ago that we would take the steps necessary to effectively manage our business through these tough times and that's exactly what we're doing," said UPS Chairman and CEO Jim Kelly. "Our expense controls are working and we continue to grow in some of our key businesses, particularly international export and logistics."
Marten Transport, Mondovi, Wis., reported revenue of $71.7 million for the second quarter ended June 30, 2001, an increase of 10.6% from $64.8 million in the second quarter of last year. Second-quarter net income was $1.92 million compared with $2.47 million in the second quarter of 2000.
Operating income for the second quarter was $4.32 million, compared with $5.43 million last year. Marten's operating ratio increased to 94% from 91.6% in last year's second quarter.
"During the second quarter Marten Transport achieved strong equipment utilization levels and solid revenue growth -- Marten's ninth consecutive quarter of double-digit percentage revenue gains," said chairman Randy Marten. "Revenue per tractor per week, trips per week, and weekly mileage per tractor all exceeded last year's levels, and our historically low empty mile percent declined from last year's second quarter."
One of Marten’s key financial objectives for 2001 has been to reduce their long-term debt. Through the first half of the year it was lowered $12.8 million, or more than 14%.
P.A.M. Transportation Services, Tontitown, Ark., reported net income of $2.89 million for the second quarter of the year, compared to $2.82 million for the same quarter last year.
Operating revenues of $57.46 million were reported for the second quarter of 2001, an 8.4% increase compared to $53.03 million for the second quarter of 2000.
Operating income for the quarter ended June 30 was $5.96 million compared to $6.07 million for the prior year's second quarter.
Robert W. Weaver, President of the Company, commented, "With the state of the industry and the economy being as they are, we are very pleased with the results of our second quarter."
media brand
0 Comments
See all comments