Business

Consumer confidence dropped in July to the lowest level this year, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The U.S. economy grew at a 1.5% annual rate in the second quarter as consumers trimmed spending, the Commerce Department reported Friday.

Oshkosh Corp. said higher defense sales pushed its fiscal 2012 third quarter income to $75.7 million compared with $68.4 million reported in the year ago period.

Covenant Transportation Group’s second-quarter net income rose to $4.3 million, or 29 cents per share, from $1.7 million, or 11 cents, a year earlier.

Universal Truckload Services said Thursday its second-quarter profit improved and that it will buy third-party logistics firm LINC Logistics for $335 million.

Michigan Gov. Rick Snyder declared an energy emergency in Michigan this week, due to shortages of diesel and gasoline in the state’s Upper Peninsula caused by a pipeline shutdown in Wisconsin.

Truck dealership Rush Enterprises reported a higher second-quarter profit on higher truck and aftermarket sales.

Canadian transportation firm Mullen Group said its second-quarter profit declined, primarily foreign exchange-rate accounting, though operating income rose 9%.

Pacer International’s second-quarter net income fell, as its intermodal and logistics margins declined from a year ago.

Truck and auto component maker Dana Holding Corp.’s second-quarter profit improved on higher North American production levels, the company said Thursday.