News Briefs - Nov. 14
The Latest Headlines:
- Pelosi Named First Female Congressional Leader
- Wabash National Narrows 3Q Loss
- Raba Posts Nine-Month Loss After Lost Order
- Trailer Bridge Narrows 3Q Loss
- Crude Oil Prices Rebounds After Sharp Decline
- Cronos Group Reports Higher Container Demand
- Wabash National Narrows 3Q Loss
Pelosi Named First Female Congressional Leader
Democrats in the House of Representatives elected Rep. Nancy Pelosi (D-Calif.) the first woman ever to head a party’s caucus in Congress, the Associated Press reported Thursday.Pelosi replaces Rep. Dick Gephardt (D-Mo.), who did not seek another term as minority leader. The California congresswoman was challenged by Rep. Harold Ford (D-Tenn.), but handily won the post by a 177-29 vote, AP said.
Representing a very liberal district in San Francisco, Pelosi had led opposition in the House to administration policy on Iraq, trade with China and the formation of a ϳԹland Security Department. Despite this, she said she would reach out to moderate and conservative members of the Democratic Party in an effort to capture to centrist vote.
Wabash National Narrows 3Q Loss
Trailer manufacturer Wabash National Corp. said Wednesday that its third-quarter loss was only $8 million – significantly smaller than the $61.4 million shortfall the company claimed in the same three-month period in 2001.The loss came on nearly identical third-quarter sales of $241.5 million, down just $500,000 from the $242 million the company reported in the quarter ended Sept. 30, 2001.
"We are encouraged by the quarter over quarter improvement in our financial results, despite the continued difficult conditions in the trailer industry and overall economy,” William P. Greubel, chief executive officer, said.
Based in Lafayette, Ind., Wabash National, is a custom and standard trailer manufacturer and produces trailers under the Wabash and Fruehauf nameplates. Transport Topics
( for the full press release.)
Raba Posts Nine-Month Loss After Lost Order
Hungarian axle and truck maker, Raba Rt., said Thursday that it has posted a loss of $4 million during the first nine months of 2002, Bloomberg said. For the same period last year, the company had a profit of $2.4 million.The company blamed the loss on the loss of a $10.2 million contract to supply parts, including vehicle seats to its biggest buyer in Hungary, Bloomberg reported.
Raba’s bottom line was also hurt, according to the company, by the rise of Hungary’s currency – the fortnit – against the dollar in 2002, Bloomberg said. Transport Topics
Trailer Bridge Narrows 3Q Loss
Trailer Bridge Inc. said Thursday that it narrowed its third-quarter loss to $2.5 million or 25 cents per share applicable to common shareholders, about half of the loss it declared in the same three-month period last year.In the quarter ended Sept. 30, 2001, the company declared a loss of $5.6 million or 57 cents per share.
The company said its results were impacted positively by improvements in the Puerto Rico lane and continued improvements in market conditions.
Trailer Bridge is an integrated trucking and marine freight service based in Jacksonville, Fla. serving the lower 48 states and Puerto Rico. Transport Topics
( for the full press release.)
Crude Oil Prices Rebounds After Sharp Decline
Prices for crude oil fell to an eight-month low Wednesday after Iraq officially agreed to permit weapons inspections in accordance with United Nations resolutions, but buying by traders looking to jump on the depressed price, Bloomberg said.Crude oil is distilled down into motor fuels like diesel and gasoline, with price changes often being passed on to consumers – like trucking companies that rely on diesel for their trucks.
The price of crude oil fell to $25.19 a barrel on the New York Mercantile Exchange Wednesday, but gained back 25 cents a barrel to rise to $25.43 in early morning electronic trading Thursday. Transport Topics
Cronos Group Reports Higher Container Demand
The Cronos Group, lessor of shipping containers, said that demand for leased containers rose because of lack of new container production.The statement came in Cronos’ third-quarter earnings report, in which the San Francisco-based company said it earned 3 cents per share – even with its results from the same period last year. The company’s net income rose slightly – to $219,000 this year from the $216,000 it reported in the same quarter in 2001.
Cronos also said that increased container demand came from “increased activity in certain trade routes.”
Containers are used in intermodal freight transportation, which is an important segment of not only trucking, but a major competitor through the rail industry. Transport Topics
( for the full press release.)