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Hopes that the American economy picked up a good head of steam in the second quarter of the year were quickly dashed on Friday following numbers being issued by the U.S. Commerce Department.
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The week wrapped up with more fleets reporting their second-quarter earnings. Like many that have already advised, profits for three were lower, while the largest trucking company in the nation and another a few years ago that was on the brink of extinction showed improvements.
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Phrases such a “challenging freight market” and a freight environment that’s “less attractive” continued to be some of the buzz words Wednesday as another raft of second quarter corporate earnings washed ashore, while one company defied the trend with its net income soaring more than 300%.
Read More →While new orders for manufactured durable goods plunged in June, a closely watched economic indicator shows a gain for the first time in three months, as a separate report shows a big hike in new home sales and another is calling for even better retail sales.
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The second quarter earnings season continued on Tuesday with companies ranging from a fleet and 3PL to a trailer maker and mega-dealer, with all but one reporting higher earnings than the same time last year.
Read More →A new preliminary report shows U.S. manufacturing rising this month at its fastest pace since November 2015, following a post-Great-Recession low in May – "an encouraging sign of revival," says financial information services provider Markit.
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Profits for two trucking companies turned lower in the second quarter of the year while a third moved into the red, according to newly released earnings reports.
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Car and truck maker Daimler AG reported a slight increase in its second quarter profit, but it expects significantly lower truck sales for this year. Meanwhile, one supplier is feeling the effects of the slowing North American commercial vehicle market.
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Moderating new truck production and trade-ins have avoided layoffs and a greater glut of used trucks on dealers' lots, Dennis Slagle says.
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Truckload linehaul rates in June were nearly the same as the month before, but they are still below levels from a year ago, while there seems to be no end to the recent drop in rates for intermodal shipments.
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