Business Services Industry
Freight uptick will fuel USF's fleet expansion.(Annual Meetings)(USF Corp.)(Brief Article)
Crain's Chicago Business, May, 2004
Rising freight volumes, reflecting an improving economy, are smoothing the way for Richard P. DiStasio, who took over as president and CEO of trucking specialist USF Corp. last September, succeeding Samuel K. Skinner. In the first quarter, Chicago-based USF reported a 4% rise in revenues to $616.8 million.
Earnings more than doubled to $7.1 million, or 26 cents per diluted share, with year-earlier earnings reduced by $1.5 million by the effect of an accounting change. The company said that tonnage in its key "less-than-truckload'' division was up 6% in the quarter, and the operating margin widened a full percentage point to 5%. "It was a strong first quarter that got us off to a good start for the year,'' Mr. DiStasio, 49, said at the annual meeting....
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