Restructuring

Amerijet lost $33M in 12 months, downsizes Atlanta operation

Struggling freighter operator Amerijet International will close its small shipping station in Atlanta at the end of March in the latest attempt to reduce costs amid mounting financial losses driven by a prolonged downturn in freight markets and the end of some key contracts.

The Miami-based cargo airline will shutter the warehouse it operated a few miles from Hartsfield-Jackson Atlanta International Airport and outsource freight transfers to Worldwide Flight Services, a large airport ground...

https://www.freightwaves.com/news/amerijet-lost-33m-in-12-months-downsizes-atlanta-operation

FedEx fleet restructure poses threat to freighter operators

FedEx has portrayed its new air network redesign in terms of streamlining the high-cost overnight parcel operation, but internal communications show the express delivery giant also sees an opportunity to aggressively go after heavyweight cargo booked by logistic providers to offset slower growth in the main express product and declining postal business.

FedEx Express (NYSE: FDX) historically has concentrated on moving small parcels by air. It gives general cargo — dry goods, hardware, textiles...

https://www.freightwaves.com/news/fedex-fleet-restructure-poses-threat-to-freighter-operators

TuSimple cuts 300 more US jobs, will keep China operations

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Autonomous trucking software developer TuSimple is cutting 300 more U.S. jobs — 30% of its global...

https://www.freightwaves.com/news/tusimple-cuts-300-more-us-jobs-will-keep-china-operations

TuSimple lays off 350 employees as its fortunes worsen

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TuSimple Holdings laid off 350 employees — 25% of its workforce — on Wednesday, the latest blow to...

https://www.freightwaves.com/news/tusimple-lays-off-350-employees-as-its-fortunes-worsen

Workhorse shares tank on anemic Q2 revenue

Workhorse Group’s second-quarter revenue of $12,600 looks like a typo. But the maker of medium-duty electric delivery vans and chassis needs to put up with snickers and head-scratching for a while longer.

After gains in nine of the last 10 Wall Street sessions, Workhorse (NASDAQ: WKHS) shares fell 24.16% Tuesday to close at $3.39. Senate passage of the Inflation Reduction Act that includes significant money for electric vehicles and infrastructure fueled much of the stock’s run up. 

The...

https://www.freightwaves.com/news/workhorse-shares-tank-on-anemic-q2-revenue

Navistar parent Traton worries about impact of war in Ukraine

Traton Group lineup of four trucks

Traton Group is thankful it acquired Navistar International when it did. The U.S. brand is providing cover as Traton deals with the uncertainties of the war in Ukraine and restructuring of its MAN Truck & Bus subsidiary.

Munich-based Traton reported a 17% increase in incoming orders and a 12% increase in sales in Q1. Revenue grew 39% to 8.5 billion euros ($8.96 billion).

“It’s hard to imagine a more challenging economic environment,”  Christian Levin, Traton CEO, said in a press release. “The...

https://www.freightwaves.com/news/navistar-parent-traton-worries-about-impact-of-war-in-ukraine

Cummins beats on sales and earnings thanks to China recovery

Cummins Inc. (NYSE: CMI) rode a recovery of truck and construction demand in China to significant beats of fourth-quarter sales and earnings estimates by analysts.

Fourth-quarter revenues of $5.8 billion increased 5% from the same quarter in 2019. North America sales were flat. International revenue rose 12%.

Q4 earnings before interest, taxes, depreciation and amortization (EBITDA) were $837 million, or 14.4% of sales. That included $36 million in reorganization and facility closures. In the...

https://www.freightwaves.com/news/cummins-beats-on-sales-and-earnings-thanks-to-china-recovery

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