Business

C.H. Robinson Worldwide’s first-quarter profit declined by more than half as pricing pressure impacted revenue for its truckload operations.

Saia Inc. reported record operating income and revenue for the first quarter but saw business take a downturn late in the period.

Oil rallied on optimism that consumption could gradually return as major producers continue to cut output to counter a global glut.

Werner Enterprises reported steady revenue but a decline in net income during the first quarter of 2020, and the company said it is positioning itself to navigate the freight environment going forward amid the COVID-19 pandemic.

Daimler AG reported net income plunged 92%, and revenue slipped 6% in the first quarter as a result of the novel coronavirus.

Ryder System Inc. reported a net loss of just over $100 million in the first quarter and revenue slipped 1% as it adjusted to the impact of COVID-19 on the economy and its markets.

The U.S. economy contracted by 4.8% on an annualized rate in the first quarter, according to the U.S. Commerce Department, which released the gross domestic product figures April 29.

Tesla Inc. shares have soared in spite of production shutdowns, likely demand disruptions and uncertainty about how soon the electric-car maker can restore more-normal operations.

Boeing Co. unveiled deep cuts to jobs and production as the manufacturer rushes to adapt to a shrinking market for jetliners after the worst downturn in aviation history.

Class 8 used truck sales in March slipped 12%, and the average price dropped about $7,000 compared with a year earlier, ACT Research reported.