25 Oct Tesla Profit Blowout Reverses Much of Elon Musk’s Damage to Stock Tesla Inc. blew away expectations with just the third quarter of positive earnings in its history, bolstering Elon Musk’s bid to make selling electric cars a financially sustainable business. Read more...
25 Oct Money-Losing Postal Service Hopes Trump Will Allow it to Alter Prices A sobering review of the U.S. Postal Service by its inspector general finds that the agency’s ambitious 2015 “Window Change” program, which saves money by slowing letter delivery and closing and consolidating mail-processing centers, has cost more and saved far less than planned. Read more...
24 Oct Glider Kit Study Drew ‘Inaccurate’ Conclusions, Tennessee Tech Finds A misconduct investigation completed by Tennessee Technological University concluded that university researchers erred when stating in an industry-funded glider kit study that emissions from the trucks are as clean or cleaner than those from newer trucks. Read more...
24 Oct Forward Air Posts Mixed Third-Quarter Results Forward Air Corp. posted higher revenue but lower-than-expected earnings in the third quarter of 2018. The company also announced that it has agreed to acquire substantially all of the assets of Southwest Freight Distributors, a drayage service provider based in Dallas, for an undisclosed amount. Read more...
24 Oct Landstar System Posts Another Record Quarter Landstar System reported a big bump in business, posting record earnings and revenue in the third quarter. Read more...
24 Oct Arctic Offshore Wells Approved Off Alaska’s Coast ANCHORAGE, Alaska — The first oil and gas production wells in federal Arctic waters have been approved by U.S. regulators. The Bureau of Ocean Energy Management on Oct. 24 announced it issued a conditional permit for the Liberty Project, a proposal by a subsidiary of Houston-based Hilcorp for production wells on an artificial island in the Beaufort Sea. Read more...
24 Oct Echo Global Logistics Posts Record Revenue for Sixth Straight Quarter Echo Global Logistics reported another record quarter for revenue and boosted its guidance for the year as demand for the company’s technology and transportation management services remains robust. Read more...
24 Oct IMO Rejects US-Backed Plan for Phased Start of Ship-Fuel Rules The International Maritime Organization rejected a proposal — supported by both the U.S. and shipping groups — for a phased start to rules that will limit the sulfur content of ship fuels starting in 2020. Read more...
24 Oct New York Says Exxon Misled Investors About Climate Risks A few months ago lawyers for Exxon Mobil Corp. stood before a judge and told New York’s attorney general to “put up or shut up” after investigating the company’s public disclosures about climate change, saying it should sue the company or move on. New York Attorney General Barbara Underwood said Exxon Mobil misled investors about the risks that climate change poses to its operations. Read more...
24 Oct Knight-Swift Says 3Q Results Reflect ‘Progress’ in All Segments Knight-Swift Transportation Holdings beat analysts’ profit projections in the third quarter as cost-cutting measures implemented after the acquisition of Swift Transportation in September 2017 compensated for slower-than-expected growth in revenue. Read more...