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Motor Cargo Industries announced increased earnings and revenue for the third quarter of the year.
The less-than-truckload carrier, which is being bought by Overnite, reported operating revenues increased 5.7% to $36 million compared to $34.1 million for the corresponding quarter of 2000. Net earnings increased 16.8% to $2 million, compared to net earnings of $1.7 million for the same period in 2000.
"While our growth in revenue for the quarter was moderate, we are excited about the improvement in our operating ratio," said chief executive Hal Tate. "We have reduced our operating ratio compared to the third quarter of last year, while many carriers have experienced significant increases in their operating ratios."
U.S. Xpress Enterprises announced operating revenue for the third quarter of the year increased 5.2% to $207.5 million compared with $197.1 million for the same quarter a year ago.
They reported net income of $304,000 for the quarter, compared with net income of $1.4 million last year.
"Our third quarter results continue to reflect the impact of the difficult economic environment within our industry," said Co-Chairman Pat Quinn. He said the drop in earnings was mainly due to the company's floor-covering logistics operation and expenses from the rapid expansion of its deferred airfreight operation, launched in February at its CSI/Crown operating unit.
Despite a tough climate in the truckload industry in 2001, Quinn said, truckload operating results this quarter were comparable to last year; although tractor utilization was down, revenue increased 4.2% and fuel costs and interest costs dropped. During the quarter, U.S. Xpress expanded its owner-operator fleet by 40 tractors to 748, increased revenue per mile over the second quarter by more than 1%, expanded revenue in its dedicated and regional operations, and reduced outstanding debt.
Quinn noted the truckload industry is facing several challenges this year, including a soft freight market, declining used truck values, higher insurance costs and fuel costs still well above historical averages. He says the company has taken actions to slow the growth of the company-owned fleet, reduce operating costs, increase yields through selective rate increases and to reduce outstanding debt.
Consolidated Freightways announced their third quarter revenue of $571.9 million was down 3.5% compared to last year. The operating loss of $26.1 million compares to operating income of $5.6 million for the same period last year.
CF's third quarter after-tax loss was $29.9 million compared to net income last year of $1.3 million.
The company explained that factors contributing to the loss included declines in tonnage and yield, changes in freight mix involving increases in smaller shipments and declines in load factor. The company had fewer capital gains than last year and continued expansion costs at CF AirFreight also contributed to the loss.
"The continuing economic downturn is affecting CF's ability to show positive financial results. The impact of the tragic events of September 11 on national and international economies -- especially the manufacturing and retail sectors -- compounds this problem and frustrates our efforts to return the company to profitability," said CEO Pat Blake.
Motor Cargo Industries announced increased earnings and revenue for the third quarter of the year.
The less-than-truckload carrier, which is being bought by Overnite, reported operating revenues increased 5.7% to $36 million compared to $34.1 million for the corresponding quarter of 2000. Net earnings increased 16.8% to $2 million, compared to net earnings of $1.7 million for the same period in 2000.
"While our growth in revenue for the quarter was moderate, we are excited about the improvement in our operating ratio," said chief executive Hal Tate. "We have reduced our operating ratio compared to the third quarter of last year, while many carriers have experienced significant increases in their operating ratios."
U.S. Xpress Enterprises announced operating revenue for the third quarter of the year increased 5.2% to $207.5 million compared with $197.1 million for the same quarter a year ago.
They reported net income of $304,000 for the quarter, compared with net income of $1.4 million last year.
"Our third quarter results continue to reflect the impact of the difficult economic environment within our industry," said Co-Chairman Pat Quinn. He said the drop in earnings was mainly due to the company's floor-covering logistics operation and expenses from the rapid expansion of its deferred airfreight operation, launched in February at its CSI/Crown operating unit.
Despite a tough climate in the truckload industry in 2001, Quinn said, truckload operating results this quarter were comparable to last year; although tractor utilization was down, revenue increased 4.2% and fuel costs and interest costs dropped. During the quarter, U.S. Xpress expanded its owner-operator fleet by 40 tractors to 748, increased revenue per mile over the second quarter by more than 1%, expanded revenue in its dedicated and regional operations, and reduced outstanding debt.
Quinn noted the truckload industry is facing several challenges this year, including a soft freight market, declining used truck values, higher insurance costs and fuel costs still well above historical averages. He says the company has taken actions to slow the growth of the company-owned fleet, reduce operating costs, increase yields through selective rate increases and to reduce outstanding debt.
Consolidated Freightways announced their third quarter revenue of $571.9 million was down 3.5% compared to last year. The operating loss of $26.1 million compares to operating income of $5.6 million for the same period last year.
CF's third quarter after-tax loss was $29.9 million compared to net income last year of $1.3 million.
The company explained that factors contributing to the loss included declines in tonnage and yield, changes in freight mix involving increases in smaller shipments and declines in load factor. The company had fewer capital gains than last year and continued expansion costs at CF AirFreight also contributed to the loss.
"The continuing economic downturn is affecting CF's ability to show positive financial results. The impact of the tragic events of September 11 on national and international economies -- especially the manufacturing and retail sectors -- compounds this problem and frustrates our efforts to return the company to profitability," said CEO Pat Blake.
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