More than a few moving parts remain intact, when it comes to the interaction between Basel, Switzerland-based global 3PL and airfreight forwarder Panalpina by Hedehusene, Denmark-based global 3PL DSV, in regards to the latter’s pursuit of the former as an acquisition target, now the DSV has upped its offer for Panalpina and a separate party, Agility, is in talks with Panalpina about "partnership opportunities."
For December, the most recent month for which data is available, the TCI came in at 11.46, a significant increase over November’s 5.84 and October’s 3.17. FTR said strong sequential volume gains, as well as a favorable fuel environment paced this growth.
Fourth quarter revenue, at $4.39 billion, was up 4.6% annually, and net income attributable to common shareholders came in at $84 million compared to $189 for the same period a year ago, including a $173 million net benefit related to U.S. tax reform. Adjusted EBITDA for the quarter rose 11.4% to $380 million, and XPO generated cash flow from operations of $566 million and $479 million in free cash flow. Earnings per share, at $0.72, topped $0.45 a year ago. Full-year 2018 revenue was up 12.3% to $15.38 billion, and organic revenue growth saw a 9.3% annual gain.
December retail sales, at $505.8 billion, were down 1.2% compared to November’s revised $512.2 billion (from $513.5 billion). While December retail sales saw a sequential decline, Commerce reported they were up 2.3% compared to December 2018. Total 2018 retail sales headed up 5% annually, to $6 trillion, according to Commerce, and total retail sales for the fourth quarter increased 3.7% annually.
While the shockwaves stemming from regional less-than-truckload New England Motor Freight announcing this week it voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey in Newark on February 11 are still intact, documentation surfacing in recent days helps to tell the story of what led the fabled 101-year Elizabeth, N.J.-based carrier to make this decision.
With true signs of momentum for a new, and badly needed, federal transportation infrastructure bill seemingly forever stuck in neutral, it is refreshing to see the nation’s top trucking lobbyist, American Trucking Associations (ATA) President and CEO Chris Spear continue to ring the bell (loudly) for federal action to get the wheels on new legislation moving.
Marseille, France-based global container shipping company CMA CGM remains intent on acquiring CEVA Logistics, a global third-party logistics (3PL) services provider based in Hoofddorp, the Netherlands for $1.65 billion, according to various reports and filings.
The company announced yesterday that as part of a “long-planned succession process”, effective May 9, Chief Operating Officer Robert ("Bob") Biesterfeld, will become Chief Executive Officer, as well as being nominated to stand for election to the company’s board of directors. Biesterfeld will replace C.H. Robinson Chairman and CEO John Wiehoff, whom will continue as Chairman of the Board when Biesterfeld becomes CEO.