Old Dominion Freight Line Announces Earnings Per Diluted Share of $0.83 for the Fourth Quarter of 2016

Celadon tops Street 2Q forecasts

Michelin and Bridgestone Also Increase Tire Prices

Photo: Bridgestone

Michelin North America and Bridgestone Americas Tires have both announced price increases for each company's tire lines as a result of rising material costs and other market conditions.

Michelin will increase prices up to 8% for its passenger, heavy-truck, earthmover, industrial-handling, agriculture and two-wheel segments across all brands in North America.

The company says the increase will be implemented separately by individual segments. Customers will be notified directly with specific details, but Michelin didn't say how quickly it will roll out the price hikes.

Michelin says this represents its first increase since 2012.

Bridgestone Americas Tires is also increasing prices by 8% across a range of commercial and non-commercial tire lines. The increases will also affect the company's retread products and tubes in North America.

The new pricing will take effect on March 1, 2017, and will vary by business unit and product line.

Both companies join several others that have announced price increases including Cooper Tire, Goodyear, and Yokohama.

Related: Yokohama Increases All Tire Prices

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Earnings Watch: Landstar, Celadon, C.H. Robinson, Roadrunner

Earnings season continued this week with one carrier reporting record numbers, another's were lower, while a third-party logistics provider saw a slightly higher profit for all of last year while a fourth fleet said it will be delayed in announcing its numbers due to an investigation into its accounting practices.

Landstar System Inc. reported net income of $39.6 million, or 94 cents per share, in its fiscal 2016 14-week fourth quarter period on revenue of $893 million. This compares to net income of $37.9 million, or 88 cents per share, on revenue of $849 million in the 2015 13-week fiscal fourth quarter.

Revenue and earnings per share for the 2016 fourth quarter are the highest in Landstar history, according to the asset-light company, while earnings per share beat a consensus estimate from analysts by 7 cents.

Gross profit, which the company defines as revenue less the cost of purchased transportation and commissions to agents, was $132.8 million in the 2016 fourth quarter compared to $126.4 million a year earlier. The company says that's the highest of any quarter in the last 10 years.

Operating income was $63.8 million in the 2016 fourth quarter compared to $62.6 million in the 2015 fourth quarter

“I am very pleased with Landstar's performance in the 2016 fourth quarter given the challenges of a low growth macro environment and more readily available capacity,” said President and CEO Jim Gattoni. The number of loads hauled via truck in the 2016 fourth quarter increased 11% over the 2015 fourth quarter, while the number of loads hauled via railroads, ocean cargo carriers and air cargo carriers increased 6% over the 2015 fourth quarter, he said.

Truck transportation revenue hauled by independent contractor drivers and truck brokerage carriers in the 2016 fourth quarter was $832.2 million, or 93% of ...Read the rest of this story

Celadon Group Reports December Quarter Results And Declares Dividend

Landstar tops Street 4Q forecasts

Trump ‘Freeze’ Only Technically Delays Driver-Training Rule

Photo: FMCSA

Thanks to a “Regulatory Freeze Pending Review” issued by the White House on Jan. 20, the Federal Motor Carrier Safety Administration has “temporarily delayed” the effective date of its final rule on minimum entry-level CDL training requirements until March 21.

However, while the rule's effective date has been extended, the agency did not adjust the rule's all-important compliance date— which remains Feb. 7, 2020. In practical terms, that means the delay is a move on paper only.

On the other hand, the notice goes on to point out that FMCSA “may consider delaying the effective date of the above referenced regulation beyond March 21, 2017, consistent with the memorandum of the Assistant to the President and Chief of Staff.” So, there could be another delay announced after this one— or not.

The agency explained that the “freeze” memorandum, issued by President Trump's Chief of Staff Reince Priebus, directed agencies to temporarily postpone for 60 days from the date of the memo, the effective dates of certain regulations that had been published in the Federal Register, but had not yet taken effect.

“Because the original effective date of the final rule published on December 8, 2016, falls within that 60-day window, the effective date of the rule is delayed until March 21, 2017,” FMCSA stated.

The rule was mandated by Congress under the MAP-21 highway bill, passed in 2012. FMSCA said the rule was based, in part, on recommendations of the agency's Entry-Level Driver Training Advisory Committee, a negotiated rulemaking committee that held a series of meetings in 2015.

Although applauded by trucking interests, including the American Trucking Associations, the rule remains controversial because it does not include a requirement for 30 hours of behind-the-wheel training for new drivers, which had been included in the notice of proposed rulemaking that FMCSA issued in March, ...Read the rest of this story