Restructuring

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

Daimler forecasts strong Q4 results offsetting early 2020 setbacks

Daimler Trucks is likely to miss consensus estimates for sales and earnings when the German automaker’s parent reports results Feb. 18.

Daimler AG consists of Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and Daimler Mobility. All three divisions contributed to improved industrial free cash flow through cost containment, cash preservation and strong fourth-quarter operating results, according to a forecast released Thursday.

All but the Truck & Bus division finished significantly above...

https://www.freightwaves.com/news/daimler-forecasts-strong-q4-results-offsetting-early-2020-setbacks

TravelCenters of America goes all-in for $200M loan

TravelCenters of America (NASDAQ: TA) pledged practically all of its assets to secure a $200 million loan to pay for CEO Jonathan Pertchik’s makeover of the business.

It is TA’s second major fundraising effort this year. It sold 6.1 million new shares in the company at $14.61 a share in July after cutting the price by about a third from the original asking price. TA raised about $80.1 million from the sale. 

Buyers of those shares have done well. TA shares closed Monday up 3% at $32.98.

The...

https://s29755.pcdn.co/news/travelcenters-of-america-goes-all-in-for-200m-loan

Cathay Pacific shutdown of Dragon brand cuts intra-Asia cargo capacity

A big white jet with red tail on clear day at high altitude with ground below.

Cathay Dragon flights with cargo-only passenger aircraft ended with the regional carrier’s shutdown Wednesday, leaving shippers with fewer options during the peak freight season.

Hong Kong-based Cathay Pacific Group (OTCUS: CPCAY) said it was immediately merging the Dragon brand into two other airline subsidiaries as part of a sweeping restructuring that will see the elimination of 8,500 positions and other downsizing measures precipitated by a steep fall in passenger business due to the...

https://s29755.pcdn.co/news/cathay-pacific-shutdown-of-dragon-brand-cuts-intra-asia-cargo-capacity

Layoffs hit Trimble’s transportation segment

Trimble layoffs

Trimble’s (NASDAQ: TRMB) transportation group has laid off an undisclosed number of employees amid ongoing challenges tied to the coronavirus pandemic, new business strategy and the company’s electronic logging device (ELD) integration.

Responding to a FreightWaves inquiry, Trimble on Thursday released the following statement:

“We recently implemented strategic changes to the organizational structure of our Transportation sector, including a reduction of a limited number of positions. 

“While...

https://www.freightwaves.com/news/layoffs-hit-trimble-transportation

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