XPO Logistics and Estes Express have agreed to pay a total of $13 million to settle overcharge claims in connection with the Defense Transportation Coordination initiative, a federal contract that was meant to lower logistics costs.
May 4, 2016Logistics 50 | Freight Brokerage | Dry Storage Warehousing | Refrigerated Warehousing | Dedicated | Ocean Freight | Airfreight
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Extras
XPO, Estes Agree to Settle Defense Contract Overcharge Suit
XPO First-Quarter Loss Narrows Slightly; Expeditors Profit Declines
XPO Logistics slightly reduced its first-quarter loss, excluding one-time costs, to $9.8 million, or 8 cents per share, while earnings slipped 9% to $96.6 million, or 53 cents, as airfreight and ocean forwarding results weakened.
Expeditors Net Income Falls 9% on Lagging Freight Volume, Profitability
Expeditors International of Washington Inc. reported net income fell 9% to $96.6 million, or 53 cents per share, as air and ocean freight forwarding shipments and profitability declined.
May 3, 2016Freight Group Says St. Louis Region Has Undersold Role as Logistics Hub
The St. Louis Regional Freightway launched April 27 to coordinate planning and projects for the region’s freight and shipping infrastructure as well as to expand the local industrial business market on both sides of the Mississippi.
March Trailer Orders Decline 36%
U.S. trailer orders in March fell sharply year-over-year to the lowest point since July 2013, but earlier orders remain in place, analysts said.
Consumer Sentiment Declines to Seven-Month Low in April
Consumer confidence fell to a seven-month low in April as Americans’ expectations about economic growth dropped to the lowest point since September 2014.
Logistics Profits Help First-Quarter Earnings Rise at Three Companies
Logistics proved to be a profitable business in the first quarter as three prominent companies reported higher results.
April 27, 2016Consumer Confidence Fell More Than Forecast in April
Consumer confidence retreated more than forecast in April as Americans’ optimism about the outlook for the economy and employment waned.
Norfolk Southern Earnings Rise 25%, Helped by Cost Cuts
Norfolk Southern Corp. reported the best year-over-year improvement in first-quarter rail industry earnings, boosting net income 25% to $387 million, or $1.29 per share, helped by expense reductions and improved results for commodity groups, particularly automotive shipments.
April 22, 2016Union Pacific Profit Beats Estimates Amid Cost Cutting
Union Pacific Corp. reported first-quarter earnings higher than analysts’ expectations as the railroad cut costs and boosted prices to mitigate a steep drop in cargo demand, pushing shares to their highest value in five months.