Third-Quarter GDP Rate Again Revised Downward

The U.S. economy rose at a slower rate than previously reported in the third quarter, growing at a 1.8% annual pace, the Commerce Department said Thursday.

The third-quarter gross domestic product growth rate was first reported at 2.5% in October, then was revised down to 2% last month.

GDP rose at a 1.3% rate in the second quarter.

Economists had forecast the rate would hold at 2% growth, which had been the fastest in a year, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, grew at a 1.7% rate, down from a previously reported 2.3% rate.

Thursday’s third-quarter GDP figure was the third and final of three released by Commerce.

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P.A.M.'s Third-Quarter Loss Widens

P.A.M. Transportation Services reported a third-quarter loss of $1.7 million, 19 cents, compared with a loss of $500,000, or 5 cents, a year ago.

Revenue climbed 2.6% to $90 million, the truckload carrier said in a statement.

P.A.M. is ranked No. 62 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Roadrunner's Third-Quarter Profit Grows

Roadrunner Transportation

Roadrunner Transportation Systems’ third-quarter profit climbed to $7.2 million, or 23 cents a share, from $4.4 million, or 14 cents, a year ago.

The company, which went public last year, said late Wednesday its revenue rose 38.2% to $226 million.

Less-than-truckload revenue rose 17.7% including fuel to $126 million, while truckload revenue jumped 102.9% to $79 million.

In the transportation management solutions segment, revenue climbed 20.6% to $22 million.

CEO Mark DiBlasi attributed Roadrunner’s improved LTL revenue to new customer growth and expansion into new markets.

DiBlasi said truckload revenue growth was driven by the company’s acquisitions of Morgan Southern in February, Bruenger Trucking in May and Prime Logistics Corp. in August. Prime Logistics Corp. is not connected to refrigerated hauler Prime Inc.

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Vitran Posts Third-Quarter Loss

Vitran Corp. on Monday reported a third-quarter loss, compared with a profit a year ago.

The Toronto-based carrier lost $3.4 million, or 21 cents per share, compared with a profit of $2 million, or 12 cents, a year ago. Revenue rose 18.4% to $206 million.

Vitran’s less-than-truckload unit reported an operating loss of $2.9 million, compared with operating income of $3 million a year ago. Revenue rose 17.1% to $176 million.

LTL shipments and tonnage improved 8.3% and 9.2%, respectively, Vitran said.

The company said its LTL operating results were negatively impacted by a $1.5 million increase in expenses from U.S. healthcare and workers compensation from a year ago.

“The LTL segment is much the same as the second quarter of 2011, with strong results in Canada and weaker results in the U.S. operations,” CEO Rick Gaetz said in a statement.

The supply chain segment’s operating income rose to a record $2.9 million, from $2 million a year ago.

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Hub Group's Third-Quarter Income Rises

Logistics firm Hub Group’s third-quarter income improved on higher intermodal activity.

Net income rose to $16.3 million, or 44 cents per share, from $12.6 million, or 34 cents a share, a year ago.

Revenue rose to $760 million, from $478 million.

Intermodal revenue increased 19% to $402 million, led by a 10% volume increase and a 9% increase for fuel, price and mix.

Truck brokerage revenue decreased 3% to $83 million, while Unyson Logistics revenue increased 39% to $76 million.

Hub Group is ranked No. 42 on the Transport Topics Logistics 50 list U.S. and Canadian logistics companies.

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Knight's Third-Quarter Income Flat

Knight Transportation’s third-quarter profit was about even with a year ago, at $16.6 million, or 21 cents a share, compared with $16.7 million, or 20 cents, for the same quarter of 2010.

Revenue rose 18.7% to $191.3 million, with revenue excluding fuel surcharges gaining 13.2% to $183.4 million.

As it has in previous earnings statements, the truckload carrier cited continued high fuel costs and said that driver availability remains tight throughout the industry. 

Phoenix-based Knight Transportation is ranked No. 31 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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C.H. Robinson's Third-Quarter Income Rises

Transportation and third-party logistics firm C.H. Robinson Worldwide said its third-quarter profit rose to $114 million, or 70 cents a share, from $103 million, or 62 cents, a year earlier.

Revenue grew 10.6% to $423 million, the company said late Tuesday. Transportation revenue rose 11.3% to $374 million.

Truck revenue, including truckload and less-than-truckload services, rose 13.1% to $321 million.

Truckload volumes increased 4%, while truckload margins decreased slightly from the previous year’s quarter. LTL revenues grew 28%, driven by a 15% increase in shipments.

Intermodal net revenue grew 14.7% to 10.5 million due to increased volumes and price increases.

C.H. Robinson is ranked No. 8 on the Transport Topics Logistics 50 listing of North American logistics firms.

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Landstar's Third-Quarter Income Rises

Larry Smith/Trans Pixs

Landstar System said Monday its third-quarter net income rose to $30.2 million, or 64 cents a share, from $21.8 million, or 44 cents, a year ago.

Revenue rose 10% to $684 million. The earnings per share marked a third-quarter record, the company said.

Truck transportation revenue hauled by independent business capacity owners and brokerage carriers rose to $625.8 million, or 91% of revenue, up from $573.5 million, or 92%, a year ago.

Fourth-quarter earnings per share will be in a range of 62 to 67 cents per share, said Landstar’s Chairman and CEO Henry Gerkens.

Recent trends in September and into October “indicate continued strength in revenue per load and load volume,” he said in a statement.

Landstar System is ranked No. 8 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Ryder's Third-Quarter Earnings Improve

Ryder System said Tuesday its third-quarter profit increased from a year ago and raised its earnings forecast for the rest of 2011.

The Miami-based trucking and logistics company’s net income rose to $56.5 million, or $1.10 per share, from $38.8 million, or 74 cents, a year earlier.

Revenue rose 19% to $1.57 billion, while operating revenue climbed 17% to $1.26 billion.

Ryder raised its full-year 2011 earnings forecast to a range of $3.44 to $3.49 per share, from a previous projection of $3.33 to $3.43.

The company’s Fleet Management Solutions segment saw strong demand and higher pricing for commercial rental and used vehicle sales, but these improvements were partially offset by higher maintenance costs on an older lease fleet, CEO Greg Swienton said in a statement.

The company’s Ryder Supply Chain Solutions segment is ranked No. 12 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Swift Posts Third-Quarter Profit

Tom Biery/Trans Pixs

Swift Transportation Co. reported a third-quarter profit compared with a loss a year ago, as its trucking, intermodal and brokerage segments all improved.

Net income was $31 million, or 22 cents a share, compared with a loss of $1.2 million, or 2 cents, a year ago.

Revenue rose 14% to $863.8 million, Swift said late Wednesday.

That included a 4.8% increase to $82 million of “other revenue,” which includes revenue generated by its intermodal and brokerage businesses and service offerings to owner-operators including shop maintenance, tractor leasing and insurance.

Swift is ranked No. 7 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers and is the largest truckload carrier.

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CSX Reports Higher Third-Quarter Profit

CSX Corp. said its third-quarter net income rose to $464 million, or 43 cents per share, from $414 million, or 36 cents, a year ago.

Revenue climbed 11% to nearly $3 billion, the eastern freight railroad said late Tuesday.

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