News Briefs - Feb. 6
The Latest Headlines:
- Ryder Improves Quarterly Net Earnings
- Landstar Posts Improved 4Q Net Income
- Oil Prices Hovering Near $34 a Barrel
- Delphi Wins $2.7 Billion Electronics Contract
- Whitmer Named DOT’s Deputy Chief of Staff
- Landstar Posts Improved 4Q Net Income
Ryder Improves Quarterly Net Earnings
Transportation management company Ryder System Inc. said Thursday that its 2002 fourth quarter net earnings improved to $32.4 million or 52 cents a share, up $200,000 or zero cents per share in the same quarter in 2001.The company said that several cost-cutting measures helped it improve its bottom line, even as the economy stayed sluggish during the fourth quarter and 2002.
"Our streamlined structure and the manner in which we now operate helped Ryder achieve higher earnings without the benefit of an economic rebound in 2002," said Ryder Chairman and Chief Executive Officer Gregory T. Swienton.
The company boosted its revenue in the fourth quarter to $1.2 billion from the $1.19 billion it generated in the same quarter in 2001, driven primarily by “by higher fuel prices and increased freight under management within the company's SCS business segment,” Ryder said.
Based in Miami, Ryder is ranked No. 3 on the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
( for the full press release.)
Landstar Posts Improved 4Q Net Income
Landstar System Inc. said Thursday that it generated net income of $14.5 million or 88 cents a share in the 2002 fourth quarter, up from the $11.6 million or 70 cents a share the company posted in the same quarter the previous year.The Jacksonville, Fla.-based company said that for the quarter ended Dec. 28, 2002, its carrier group generated revenues of $299.4 million, up from the $278.2 million it posted in the same quarter in 2001. Landstar’s multimodal unit had revenues of $87.7 million in the fourth quarter, up from the $63.6 million it generated in the quarter ended Dec. 29, 2001.
For the full year, Landstar posted net income of $49.2 million or $2.94 per share, up from the $42.8 million or $2.50 a share it posted during 2001.
A diversified freight hauler, Landstar is ranked No. 18 on the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
( for the full press release.)
Oil Prices Hovering Near $34 a Barrel
The price of crude oil remained near its two-year high at $34.14 a barrel as oil traders cautiously anticipated further indications of the U.S. timetable for a war in Iraq, Bloomberg said Thursday.In an address to the United Nations Security Council Wednesday, U.S. Secretary of State Colin Powell outlined the U.S. case for war with the oil-rich Middle East country (Click here for related coverage.).
If the United States goes to war with Iraq, oil shipments from the region could be disrupted and supplies could suffer.
In early morning trading Thursday on the New York Mercantile Exchange, the price of oil rose as much as 21 cents a barrel to $34.14. Transport Topics
Delphi Wins $2.7 Billion Electronics Contract
Auto parts manufacturer Delphi Corp. said Thursday that it has won a contract to provide components for electrical/electronic distribution systems to 17 automobile and heavy-duty truck makers.The company said that its Packard Electric Systems unit will support the contracts to varying degrees, with five customers getting full vehicle systems from Delphi.
The recipients of the parts were not outlined in the Troy, Mich.-based company’s release. Transport Topics
( for the full press release.)
Whitmer Named DOT’s Deputy Chief of Staff
Martin Whitmer Jr. was named the new deputy chief of staff of the Department of Transportation, Secretary Norman Mineta said in a Wednesday release. Whitmer will also serve as the Mineta’s point person on the reauthorization of the Transportation Equity Act for the 21st Century, the release said.
TEA-21 is a six-year surface transportation bill designed to fund highway and bridge construction through a stream of federal taxes collected mainly on diesel and gasoline. The taxes collected also go toward funding DOT operations, research grants and truck studies. TEA-21 was signed in 1998 and expires Sept. 30.
Whitmer replaced Vincent Taylor, who became the assistant secretary for administration at DOT in January.
Whitemer joined DOT in March 2001. Previously, he was vice president of government relations for the American Road and Transportation Builders Association, where he directed legislative and coalition activities that helped enact the TEA-21, DOT said. Transport Topics