Schneider National farmily taking fleet public
Schneider National family taking fleet public
Earnings Watch: FedEx Profit Edges Higher Hitting $700 Million
Parcel delivery and trucking company FedEx Corp. (NYSE: FDX) this week reported a net profit of $700 million for its fiscal second quarter, missing Wall Street expectations on earnings despite higher revenue.
The 1% year-over-year increase in earnings for the period ending Nov. 30 came as earnings per share increased to $2.59 from $2.44. Total revenue grew 20% to $14.9 billion. The per share performance was short of a consensus estimate from analysts calling for $2.90 per share, but revenue exceeded the forecast.
“FedEx increased revenues and operating income despite continued low growth rates in the global economy," said Fred Smith, FedEx chairman, president and CEO.
The company's trucking segment, FedEx Freight, reported a 13% decline in operating income while revenue increased 3% to $1.6 billion. It said the increase in revenue was due to growth in less-than-truckload average daily shipments, partially offset by lower weight per shipment. Operating results decreased due to lower average weight per shipment and higher information technology expenses.
FedEx Express revenue and operating income both increased 2% during the quarter, with revenue totaling $6.74 billion and operating income totaling $636 million. The hike in revenue was attributed to increased base rates and higher package volume.
FedEx Ground saw revenue increase 9% to $4.42 billion, while operating income slid 12% to $465 million. Revenue increased due to higher volume and yields. Average daily volume grew 5%, driven by e–commerce and commercial package growth, according to the company. Operating income fell, however, due to higher overhead costs for network expansion and increased purchased transportation rates.
The company's TNT Express segment, a Netherlands-based company FedEx acquired in May, saw no change in revenue at $1.9 billion, but operating income fell to $70 million from $90 million, due partly to integration and restructuring costs.
Looking ahead, Alan B. Graf, FedEx executive vice president and ...Read the rest of this story
Mari McGowan joins PR firm LaunchIt
Mari McGowan has joined public relations firm LaunchIt as vice president of business development.
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GPS Insight report: Fleets talk telematics
When it comes to adopting a new telematics system, about one in five fleets say they'd test a system before purchasing it. That's according to the fleets surveyed in a GPS Insight-sponsored technology report.
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Maverick acquires Marine Transport
Maverick USA has acquired Au Gres, MI-based Marine Transport Inc. (MTI). Assets include approximately 25 tractors and 80 trailers.
Terms were not disclosed.
Founded in 1983, MTI is a family-owned dedicated boat hauling company. Founder and owner Wayne Bigelow is retiring, but his son Bryan will join Maverick and continue to run MTI, Maverick said.
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Truck parking, driver amenities focus of Love’s expansion effort
Andrew Uviedo will tell you that finding parking is a big deal for today's truck drivers.
As the general manager for the four year-old Love's Travel Stops & Country Stores facility in Natalia, TX, along I-35, he said that tractor-trailers start pulling into his location starting between 3 pm and 4 pm in the afternoon to secure one of his truck stop's 150 slots for overnight parking.
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