Covenant Logistics Group profits tumbled in the first quarter of 2024, with freight rates and volumes taking a toll on earnings as expected.
April 25, 2024Logistics 100 | Freight Brokerage | Dry Storage Warehousing | Refrigerated Warehousing | Dedicated | Ocean Freight | Airfreight
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Extras
Covenant Q1 Profit Slumps 76% on Freight Rate Weakness
Amazon Web Services to Build Data Center in Northern Indiana
NEW CARLISLE, Ind. — Amazon Web Services plans to invest $11 billion to build a data center in northern Indiana that will create at least 1,000 new jobs, state and company officials announced.
April 25, 2024Union Pacific’s First-Quarter Profit Creeps Up 1%
OMAHA, Neb. — Union Pacific’s first-quarter profit crept 1% higher as the railroad tightened up on expenses — particularly its fuel bill — even though it delivered slightly less freight.
Tonnage Numbers Hit 13th Month of Declines
Truck tonnage reached 13 consecutive months of year-over-year declines after a slight decrease in March, American Trucking Associations reported April 23.
DOT Grant Program Focuses on Commercial Ports
The U.S. Department of Transportation announced grants for ports and supply chain corridors as part of the White House’s strategy for advancing a zero-emission freight landscape.
Forward Air Hires Ex-Ceva Logistics Executive Stewart as CEO
Shawn Stewart is set to join Forward Air as CEO, effective April 28, the carrier said April 23. He also will join the asset-light transportation services group’s board of directors.
Norfolk Southern Reports Lower Earnings After Settlement
Norfolk Southern’s first-quarter earnings report gave the railroad the opportunity to publicly defend CEO Alan Shaw’s strategy again before investors decide on May 9 whether to back him.
Truck Body Repair Collaborations Help Streamline Planning
Repairing the body on a Class 8 truck is a process of handling moving parts while performing a proper assessment and eventually restoring the unit to a safe, roadworthy state as quickly as possible.
Baltimore Port to Open Deeper Channel
Officials plan to open a deeper channel for commercial ships to access the Port of Baltimore starting April 25, marking a significant step toward reopening the major maritime shipping hub.
UPS Reports 41% Earnings Drop During Q1
UPS Inc. experienced a 41.3% drop in earnings during the first quarter of 2024, the company reported April 23.