Feb. 5 Earnings Roundup: Cummins, Echo Global Logistics, Old Dominion, YRC
Two large less-than-truckload fleets reported higher fourth-quarter earnings, and net income rose slightly at engine maker Cummins Inc.
In addition, Echo Global Logistics’ net income climbed 70%.
YRC Worldwide Inc., which ranks No. 5 on the Transport Topics top 100 list of the largest U.S. and Canadian for-hire carriers, posted net income of $6.2 million, up from $400,000 the year before. Revenue rose 0.8% to $1.22 billion.
YRC’s Freight unit propelled the results, posting $24.5 million in operating income and reversing a loss from the year earlier. YRC Regional profit slipped 53%, hurt by liability costs.
“During the fourth quarter of 2014, YRC Freight experienced yield growth compared to the prior year of 5.7% including fuel surcharge,” CEO James Welch said.
Old Dominion Freight Line Inc. posted 48% higher fourth-quarter earnings of $69.9 million, or 81 cents per share, helped by a 17% rise in shipments handled.
Revenue at OD rose 22% to $721 million. In the year earlier period, net income was $47.2 million, or 55 cents per share. Revenue totaled $592.5 million.
CEO David Congdon said in a statement that the results “reflect improved freight density and yield.”
Tons hauled per day rose 20%, and weight per shipment rose 2.3%.
The results reduced the operating ratio to 84.4 from 87.0 in the quarter at Old Dominion, which ranks No. 12 on the TT100.
Cummins’ net income improved 3% to $444 million, or $2.44 per share.
Revenue rose 11% for the quarter and full year, to $5.1 billion and a record $19.2 billion, respectively.
Cummins sold 30,700 heavy-duty truck engines in the fourth quarter, in line with the previous three quarters, taking in almost $800 million. That was up from 25,700 engines, and about $640 million, a year earlier.
Echo boosted net income to $4.7 million, or 20 cents per share. Revenue from its transactional business rose 48%, helping revenue for the company to increase 36% to $300 million.
