LAS VEGAS, May 5 (Reuters) – Nevada has given Daimler AG
, the world’s biggest truck maker, the go-ahead to
test its self-driving heavy freight truck for the first time on
the open road in ordinary traffic, the two sides announced on
“Today is history,” Nevada Governor Brian Sandoval, a
Republican, said before posing with Daimler board member
Wolfgang Bernhard with a red license plate for the self-driving
truck at an event at the Las Vegas Motor Speedway.
CHICAGO (Reuters) – Package delivery giant UPS does not expect to change its current expansion plan in Europe despite a recent acquisition bid by main rival FedEx that would knock the firm into third place on the continent, a top executive said on Tuesday.
Last year UPS announced a four-year, $1 billion investment to grow its European network.
CHICAGO, April 28 (Reuters) – United Parcel Service Inc
on Tuesday reported a higher quarterly net profit due to
price increases and productivity improvements, and reaffirmed
its earnings outlook for 2015.
Atlanta-based UPS said profitability had improved across all
of its business segments in the first quarter, though revenue
growth in its supply chain and freight business was slowed by a
strong U.S. dollar and lower fuel surcharges.
CHICAGO (Reuters) – Whirlpool Corp (WHR.N: Quote, Profile, Research, Stock Buzz) posted a higher quarterly net income on Tuesday but lowered its profit forecast and sales outlook for 2015, predicting a significant drop in Latin American sales owing largely to Brazil’s stagnating economy.
The world’s largest maker of home appliances said the strength of U.S. dollar would continue to affect profits this year.
CHICAGO (Reuters) – Union Pacific Corp is scrambling to cope with opposing trends across its network after a drop in freight volumes in the first quarter, the No. 1 U.S. railroad’s top executive said on Thursday.
Coal demand fell 5 percent in the quarter from a year earlier as utilities took advantage of low prices to burn natural gas instead. Overall freight volumes were down 2 percent, and the company reported a lower-than-expected profit on Thursday.
CHICAGO, April 23 (Reuters) – Caterpillar Inc on
Thursday reported a better-than-expected quarterly profit
despite lower sales and gave a somber outlook for the rest of
2015 based on the strong U.S. dollar, weak oil prices and
But the company maintained its sales outlook for the year
and slightly raised its 2015 earnings per share outlook, helping
lift shares in the Peoria, Illinois-based company more than 4
percent after the announcement.
CHICAGO, April 22 (Reuters) – No. 1 U.S. railroad Union
Pacific Corp on Thursday reported a higher quarterly net
profit as lower fuel costs and pricing gains offset falling
freight volumes, but results fell short of market expectations.
The railroad’s shares fell 2.46 percent to $108 in premarket
Union Pacific saw the volume of coal on its rails fall 5
percent during the quarter. U.S. utilities have taken advantage
of lower natural gas prices, burning less coal in the process.
The strong U.S. dollar has also led to lower coal exports.
CHICAGO (Reuters) – When iconic motorcycle maker Harley-Davidson Inc warned on Tuesday that discounting from foreign rivals would dent its profits, the message resonated beyond the motorcycle business.
From cars to construction equipment, the impact of the strong dollar is a big problem for U.S. companies selling overseas. But the U.S. dollar’s recent surge to multiyear highs against major currencies, such as the euro and yen, has also become a challenge to their efforts to protect market share on home turf.
CHICAGO, April 21 (Reuters) – Regional U.S. railroad Kansas
City Southern on Tuesday reported a drop in revenue as
its coal and energy-related freight volumes took a hit and the
strong U.S. dollar hurt its Mexico-based business, but net
As natural gas prices have fallen, utilities have shifted
away from coal, resulting in a 26 percent drop in first-quarter
coal revenue. Fracking sand revenues were off 12 percent as oil
producers in the Bakken oil formation in North Dakota scaled
back production amid low oil prices.
CHICAGO (Reuters) – Low oil prices and the strong U.S. dollar made for a somewhat painful first quarter for major U.S. railroads CSX Corp (CSX.N: Quote, Profile, Research, Stock Buzz) and Norfolk Southern Corp (NSC.N: Quote, Profile, Research, Stock Buzz), and may continue to weigh on their profits.
Both companies derive about a fifth of their revenue from hauling coal, which faces competition from lower-priced petroleum products.