After selling his company to Facebook for $19B, Brian Acton joins #deleteFacebook

Brian Acton, the co-founder of messaging service WhatsApp (which Facebook

Citigroup Says CEO Was Unaware of Loan When He Met With Kushner

Citigroup Inc. said Chief Executive Officer Michael Corbat was unaware that the bank was in the process of closing a real estate loan to a Kushner Cos. venture when he met with Jared Kushner.

Utility Launches 4000AE Drop Deck Flatbed Trailer

Utility Trailer Manufacturing has introduced its 4000AE Drop Deck flatbed trailer designed to haul heavy or awkward loads.

The 4000AE Drop Deck features a combination of 3- and 4-inch aluminum crossmembers. It comes standard with a 39,000-pound. coil haul package with a 5-foot span of 4-inch tapered to 3-inch aluminum crossmembers on 8-inch centerlines.

The 4000AE Drop Deck also features the ConMet aluminum hub system, and delivers an additional 541 pounds of weight savings compared to the previous design.

“Our new 4000AE Drop Deck incorporates the advanced technology that is found in our 4000AE combo flatbed, delivering the long-term benefits of both steel and aluminum,” said Brett Olsen, marketing manager for Utility Trailer Manufacturing. “In fact, a customer will discover that it weighs less than some all-aluminum trailers yet it's available at a more sensible combo-trailer price.”

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General Electric announces 225 orders for refurbished locomotives

GE also said in a statement that it will deliver 80 modernized locomotives previously ordered by Canadian Pacific railway Co and 100 to Norfolk Southern Corp in 2018. General Electric Chief Executive Officer John Flannery said in November that GE would exit at least $20 billion in operations to improve its financial performance. GE will make varying upgrades to aging locomotives - some more than 20 years old - such as improvements to control systems or electrical circuitry.

OOIDA Sues Pennsylvania Turnpike over Toll Hikes

Photo: Pennsylvania Turnpike Commission 

The Owner-Operator Independent Drivers Association has filed a class-action lawsuit against the Pennsylvania Turnpike Commission for what it claims are excessive toll increases that place “an undue burden on interstate commerce while improperly diverting toll revenue to other projects unrelated to the turnpike.”

OOIDA and its co-plaintiffs, including the National Motorists Association and several small fleet and owner-operator companies, have requested an injunction to halt the commission from “overcharging customers to pay for non-turnpike projects” as well as to prevent the commission from borrowing money to help meet its obligations to the Pennsylvania Department of Transportation (PennDOT) and in turn, to keep PennDOT from spending the money it received from the commission. Lastly, the suit seeks to have the alleged overcharges refunded to turnpike users.

“PTC's tolls unduly burden interstate commerce by causing the Pennsylvania Turnpike System to be used as a revenue-generating facility designed to underwrite expenses incurred by PennDOT in providing services and facilities throughout the Commonwealth that have no functional relationship to the Pennsylvania Turnpike System,” the lawsuit contends.

The commission has hiked tolls for each of the past 10 years, including a 6% increase in January, at least in part to help cover the PennDot payments, according to a Pittsburgh Post-Gazette report.

“The tolls charged far exceed the value of the use of turnpike and the costs to maintain it,” said Todd Spencer, acting president and CEO of OOIDA, in a statement. “Truckers have especially overparid the price at as much as 70 cents per mile.”

The lawsuit was filed in the Middle District of Pennsylvania in Harrisburg. OOIDA said the suit claims that interstate commerce laws governing for the Pennsylvania Turnpike “hold that tolls can only be used to maintain or expand the 359-mile highway for which the tolls are levied.

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Earnings Watch: FedEx Surges, Daseke Rebounds

Parcel and trucking giant FedEx posted a big gain in profits during its most recent quarter, while Daseke, the owner of several flatbed and specialized carriers, moved from a loss to a profit in both the final quarter of 2017 and for all of last year.

FedEx Corp. reported net income compared to a year ago more than tripled in its fiscal third quarter ending Feb. 28, totaling $2.07 billion, as earnings per share rose to $7.59 from $2.07.

Revenue in this most recent quarter grew to $16.5 billion from $15 billion a year earlier.

The net results include a tax benefit of $1.53 billion, or $5.60 per share, due to the Tax Cuts and Jobs Act passed by Congress late last year.

FedEx said it benefited from higher base rates, increased volume at FedEx Ground and FedEx Freight, and favorable fuel prices. The results were negatively affected by significantly higher variable compensation accruals, increased peak-related costs at FedEx Express, and adverse weather.

The FedEx Freight segment saw operating income improve 34% from a year ago to $55 million as revenue increased 14% to $1.69 billion.

Revenue increased due to less-than-truckload revenue per shipment growth of 8% and average daily LTL shipment growth of 6%, according to the company. Operating results improved primarily due to the benefit from higher LTL revenue per shipment, partially offset by higher variable compensation accruals.

The FedEx Express segment saw operating income decline 24% to $424 million despite higher revenue. This was attributed to an additional $170 million in costs in several forms, including its integration of TNT Express, adverse weather, and increased peak-related costs.

FedEx Ground reported revenue increased 11% to $5.22 billion as operating income moved 23% higher to $634 million. Strong revenue growth was driven by average daily package volume growth of 6% and higher base rates.

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Schneider Completes Shift to Company-Owned Intermodal Chassis Network

Over a four-year period, Schneider purchased 15,000 intermodal chassis. Photo: Schneider

Trucking giant Schneider has completed its conversion to a company-owned and managed chassis fleet after buying 15,000 intermodal container chassis over the past four years.

The company began implementing the program in 2014 to assure access to lightweight, quality chassis when and where shippers and drivers needed them.

“We began investing in chassis because we realized we could deliver a better experience to our customers and dray drivers by controlling our own assets,” explained Jim Filter, senior vice president and general manager of Schneider's Intermodal division. “The shared chassis pool that carriers often use creates significant delays for drivers, primarily at the ramp or when experiencing a breakdown on the road. When there isn't an available chassis, the container is grounded. When one becomes available from the pool, they are often older, heavier, and fraught with mechanical problems.”

Owning a chassis fleet also means that the weight of all Schneider's chassis are the same. This allows the shipper to know how much weight they can haul with every load. Because the demand for chassis in shared pools can outstrip supply, Schneider says, it also will have an advantage because the company has more control.

Schneider can also control the condition of its chassis fleet, because it will maintain the equipment to identify issues and make repairs before they turn into more critical problems.

“With the Schneider chassis, shippers can expect fewer delays and greater efficiency, as we've supplied plenty of chassis at each ramp location,” said Filter. “We even created our own technology that tracks utilization, turn time and location, so we can ensure there is the right number of chassis at every ramp and we can keep shippers' freight moving.”

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