27 Jul US Economy Surges to 4.1% Growth Rate in 2Q WASHINGTON — The U.S. economy surged in the April-June quarter to an annual growth rate of 4.1%. That’s the fastest pace since 2014, driven by consumers who began spending their tax cuts and exporters who rushed to get their products delivered ahead of retaliatory tariffs. Read more...
27 Jul Ford Profit Plunges by 50% in 2Q Ford Motor Co. profit fell to $1.07 billion in the second quarter, down about 50% from the $2.05 billion it made in the second quarter of 2017. Read more...
26 Jul Editorial: Turning Wheels and Trade Deals It’s quarterly earnings season, a time of year when the Transport Topics business reporting team is immersed in revenue figures and profit-and-loss numbers. These financial releases provide perspective on how the industry is doing. Based on the numbers for the second quarter, the industry is doing pretty well. Read more...
26 Jul Savannah Port Sets Container Record The year has been another one for the record books at the Savannah ports. Read more...
26 Jul Forward Air Reports Strong 2Q Earnings Forward Air Corp., a mostly expedited LTL carrier, reported July 26 second-quarter net income of $24.3 million, or 83 cents per share compared with $19.7 million, or 65 cents, a 23% increase from a year ago. The company’s operating revenue increased to $330.3 million compared with $283.9 million, a 16% jump. Read more...
26 Jul Old Dominion Reports Record 2Q Less-than-truckload carrier Old Dominion Freight Line saw its second-quarter net income increase by 66%, jumping to $163.4 million compared with $98.4 million in the same period a year ago. On a per-share basis, net profit was $1.99, compared with $1.20 last spring. Read more...
26 Jul Senate Continues Consideration of Transportation Funding Bill A fiscal 2019 transportation funding bill that would call attention to concerns livestock haulers have raised about electronic logging devices is included in a legislative package under consideration in the Senate. Read more...
26 Jul Knight-Swift Shares Tumble Most in Four Years Amid Driver Shortage Knight-Swift Transportation Holdings Inc. lost almost a fifth of its market value July 26, marking the biggest drop in four years, after sales fell because of a lack of drivers. Read more...
26 Jul Motor Carriers Group Challenges California Law That Defines Independent Contractors In a federal lawsuit filed July 19, the Western States Trucking Association alleges that the California Supreme Court’s new “ABC test” requirement for deciding if a contractor should be an employee “forces virtually all independent contractors to become employees to those they choose to contract or work with.” Read more...
26 Jul Controversial $10 Million Toll Study Approved in Connecticut Despite strong opposition, the Connecticut State Bond Commission voted July 25 to approve a controversial, $10 million study on electronic tolls on state highways. Read more...