Executive Briefing - Jan. 29
- Wabash Criticizes Moody Risk Report as Misleading
- Airborne Hikes Rate, Changes Fee Structure
- J.B. Hunt Earnings Up
- Celadon Adds Mexico to Shipment Tracking Zone
- Terex Boosts EarthKing with Supplies
Wabash Criticizes Moody Risk Report as Misleading
Wabash National Corp. () responded strongly Monday to a Dec. 13 Moody's Corp. report that had mentioned the truck trailer manufacturer as one of several companies that showed a marked increase in Moody's default risk ratings.Wabash issued a statement noting that it does not normally respond to third-party reports, but that "we believe Moody's decision to specifically mention Wabash was misleading and improper. We feel it is important to set the record straight."
Wabash said the strength of its balance sheet "continues to be even better, with total debt at approximately 39% of total capital at year-end." Transport Topics
( for the full press release.)
Airborne Hikes Rate, Changes Fee Structure
Airborne Express on Monday announced a shift to zone-based pricing, a fee for non-scheduled pickups and a rate increase.The average rate increase – taking effect March 5 – will be 5.5%, with some variance keyed to shipping volume.
The increase will be applied to customers whose rates are not already set by contractual agreement, will be phased in to contract holders.
The zone pricing will be phased in gradually, and the $3 fee for non-scheduled pickups is already in effect. Transport Topics
( for the full press release.)
J.B. Hunt Earnings Up
J.B. Hunt Transport Services () reported a gain in fourth-quarter earnings, and for the full year.The large trucking and logistics company reported diluted earnings of 31 cents a share for the final three months of 2000, compared with 16 cents in the corresponding 1999 quarter. It reported earnings per share of $1.02 for 2000, compared with 89 cents for 1999.
The Lowell, Ark.-based dry van truckload and intermodal carrier and logistics company said employment applications from drivers are at an all-time high and turnover has remained under control. It is 10th on the Transport Topics 100 list of major trucking firms. Transport Topics
( for the full press release.)
Celadon Adds Mexico to Shipment Tracking Zone
The Celadon Group (), a trucking and e-commerce company, said Monday that it has enhanced its Cela-Trac Web-based shipment tracking system to cover Mexico – so that the system now offers information on shipments throughout all of North America.The Indianapolis-based company said the move allows shippers to tell "exactly" where the trailer carrying their load is at any point. The system already covered both the United States and Canada.
Celadon operates about 2,600 line-haul tractors and 6,800 trailers, primarily in dry van truckload service, and is a member of the TruckersB2B.com cooperative.
It stands at No. 54 on the Transport Topics 100 list. Transport Topics
( for the full press release.)
New Penn Completes New Terminal at Buffalo
New Penn Motor Express has completed construction of a new 55-door terminal in the Buffalo, N.Y area, which replaces a 25-door facility.Serving greater Buffalo, portions of Western New York and Pennsylvania, the terminal also serves as a major gateway for freight to and from Ontario, Canada.
It is located at Exit 49 on the New York State Thruway, in the village of Williamsville.
Regional less-than-truckload carrier New Penn employs about 50 people in Buffalo and 2,000 overall, and operates a fleet of more than 800 tractors and 1,600 trailers. It is a subsidiary of Arnold Industries, which stands at 36 on the Transport Topics 100.Transport Topics
Swift 4Q, Year Earnings Down
Swift Transportation () late Friday announced lower earnings for both the year and the fourth quarter.The Phoenix-based truckload carrier earned 16 cents a share in the fourth quarter ended Dec. 31, compared with 28 cents for the corresponding quarter in 1999.
Swift reported earnings of 82 cents a share for 2000, compared with $1.02 in 1999.
Swift stands at 19 on the Transport Topics 100 list of the largest trucking companies. Transport Topics
( for the full press release.)
Terex Boosts EarthKing with Supplies
Utility truck aerial device and mining truck maker Terex () announced Friday that it was buying into an e-commerce industrial supply company, SourceRight.com.Terex recently launched EarthKing, which it calls an independent and unbiased Internet marketplace for the construction and mining equipment industry.
SourceRight will provide EarthKing with supplies and materials. Transport Topics
( for the full press release.)