Trucking company giants J.B. Hunt, USA Truck and USF Freightways announced their fourth quarter and 2001 financial results on Wednesday.
J.B. Hunt Transport Services, Lowell, Ark., announced fourth quarter 2001 net earnings of $18.2 million.
During the current quarter, the company modified its method of estimating ultimate losses relating to liability and workers' compensation claims, which resulted in a $10.2 million increase in earnings. Prior to the modification, fourth quarter earnings were $8 million, compared with 2000 fourth quarter earnings of $10.9 million. Total operating revenue for the current quarter was $545.5 million, compared with $534 million during the fourth quarter of 2000.
J.B. Hunt reported improved operating income in the truck and intermodal business units for the current quarter, compared with the fourth quarter of 2000.
Freight demand was soft throughout the current quarter and, in fact, the economy remains lackluster and freight shipments continue to be weak in January of 2002, says the company. Officials say there are no plans to grow the truck business until a reasonable operating profit has been achieved
USA Truck, Van Buren, Ark., announced huge increases in earnings for the year.
The company reported operating revenues of $62.4 million for the fourth quarter, an increase of 8.5% from $57.6 million for the same quarter of 2000. Net income increased to $624,277 for the fourth quarter of 2001, compared to net loss of $1.1 million for the fourth quarter of 2000.
For the year, operating revenues increased 11.4% to $252.4 million from $226.6 million the previous year. Net income increased 1055.9% to $1.1 million for 2001, compared to $94,061 for the same period in 2000.
Robert M. Powell, Chairman, President and CEO, said the company was able to grow its revenue 8.5% in the fourth quarter with practically no increase in the number of tractors, thanks to an improvement in tractor utilization despite soft freight demand.
USFreightways, Chicago, reported earnings for the current year's quarter of $10.3 million before special pre-tax charges of $2.7 million. This compares to earnings of $23.7 million in the fourth quarter of 2000 before a pre-tax charge of approximately $1.7 million.
Net income (including the special charges) for the current quarter was $8.8 million, compared to $22.6 million in the fourth quarter of 2000. Revenue for the fourth quarter amounted to $594.8 million compared to $643.7 million reported for the fourth quarter 2000.
For the year, 2001 earnings were $43.4 million before the $2.7 million special charges taken in the 4th quarter and $5.9 in million special charges from the third quarter. This compares to $97.8 million for the year 2000 before special fourth quarter charges mentioned above.
Net income (including the special charges) for the year 2001 was $38.4 million, compared to $96.8 million in 2000. Revenue for the year 2001 was $2.46 billion compared to $2.54 billion for 2000.
The company recorded special charges during the fourth quarter of approximately $2.7 million related to termination benefits and lease termination charges, most of which occurred in the company's logistics business segment.
"The slowdowns which we saw coming as early as May of 2000 continued throughout 2001," said Samuel K. Skinner, USFreightways' Chairman, President and CEO. "The economic conditions, combined with the terrorist attacks which stunned the nation on September 11, created the worst operating environment in decades."
However, Skinner notes, the company was able to open or expand terminal operations in five LTL markets and open three service centers in the logistics segment.
J.B. Hunt Transport Services, Lowell, Ark., announced fourth quarter 2001 net earnings of $18.2 million.
During the current quarter, the company modified its method of estimating ultimate losses relating to liability and workers' compensation claims, which resulted in a $10.2 million increase in earnings. Prior to the modification, fourth quarter earnings were $8 million, compared with 2000 fourth quarter earnings of $10.9 million. Total operating revenue for the current quarter was $545.5 million, compared with $534 million during the fourth quarter of 2000.
J.B. Hunt reported improved operating income in the truck and intermodal business units for the current quarter, compared with the fourth quarter of 2000.
Freight demand was soft throughout the current quarter and, in fact, the economy remains lackluster and freight shipments continue to be weak in January of 2002, says the company. Officials say there are no plans to grow the truck business until a reasonable operating profit has been achieved
USA Truck, Van Buren, Ark., announced huge increases in earnings for the year.
The company reported operating revenues of $62.4 million for the fourth quarter, an increase of 8.5% from $57.6 million for the same quarter of 2000. Net income increased to $624,277 for the fourth quarter of 2001, compared to net loss of $1.1 million for the fourth quarter of 2000.
For the year, operating revenues increased 11.4% to $252.4 million from $226.6 million the previous year. Net income increased 1055.9% to $1.1 million for 2001, compared to $94,061 for the same period in 2000.
Robert M. Powell, Chairman, President and CEO, said the company was able to grow its revenue 8.5% in the fourth quarter with practically no increase in the number of tractors, thanks to an improvement in tractor utilization despite soft freight demand.
USFreightways, Chicago, reported earnings for the current year's quarter of $10.3 million before special pre-tax charges of $2.7 million. This compares to earnings of $23.7 million in the fourth quarter of 2000 before a pre-tax charge of approximately $1.7 million.
Net income (including the special charges) for the current quarter was $8.8 million, compared to $22.6 million in the fourth quarter of 2000. Revenue for the fourth quarter amounted to $594.8 million compared to $643.7 million reported for the fourth quarter 2000.
For the year, 2001 earnings were $43.4 million before the $2.7 million special charges taken in the 4th quarter and $5.9 in million special charges from the third quarter. This compares to $97.8 million for the year 2000 before special fourth quarter charges mentioned above.
Net income (including the special charges) for the year 2001 was $38.4 million, compared to $96.8 million in 2000. Revenue for the year 2001 was $2.46 billion compared to $2.54 billion for 2000.
The company recorded special charges during the fourth quarter of approximately $2.7 million related to termination benefits and lease termination charges, most of which occurred in the company's logistics business segment.
"The slowdowns which we saw coming as early as May of 2000 continued throughout 2001," said Samuel K. Skinner, USFreightways' Chairman, President and CEO. "The economic conditions, combined with the terrorist attacks which stunned the nation on September 11, created the worst operating environment in decades."
However, Skinner notes, the company was able to open or expand terminal operations in five LTL markets and open three service centers in the logistics segment.
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