Logistics company XPO Inc is cutting jobs, even as “it surpassed Wall Street targets for first quarter adjusted profits” due to cost controls for waning freight demand. Many of XPO customers, such as Ford Motor Co, General Electric Co and Caterpillar Inc, have met with “a decline in shipments as high inflation and fears of an impending recession make consumers wary about spending.” – Read More
The House Committee on Transportation and Infrastructure’s Subcommittee on Highways and Transit heard testimony recently from several leaders in the trucking industry, including Lewie Pugh, executive vice president of the Owner-Operator Independent Drivers Association, Anne Reinke, president and chief executive officer of the Transportation Intermediaries Association, David Fialkov, executive vice president for Government Affairs of NATSO, and Cole Scandaglia, senior legislative representative and policy advisor of the International Brotherhood of Teamsters. Some of the issues included “the need to attract younger drivers to the profession” and the importance of providing adequate truck parking. Read more…
According to experts, the trucking industry has “stumbled through the first first quarter amid a slowing economy and high inventories.” Allison Poliniak-Cusic, a Wells Fargo analyst, claims: “‘things are a bit muted than maybe we anticipated as we entered last year. A lot of macro uncertainty is still very much front-and-center. So, I would say from a volumes standpoint, earnings will be lower, volumes will be lower, pricing seems to be coming in at the lower end of where we thought originally.” Read More…
