Overnite, a subsidiary of rail giant Union Pacific Corp., hasn't been hurt financially by the strike, however. Overnite, based in Richmond, VA, posted net income of $14.4 million for the third quarter of 2001, along with operating revenues of $292.1 million, an increase of $5 million, or 1.7%, from the $287.1 million it reported in the third quarter of 2000. Net income for the first nine months of 2001, however, totaled $35 million, a 17.2% increase over the $29.9 million reported in 2000.
The Teamsters have been on strike against Overnite since October 24, 1999. The Teamsters say they represent about 45% of Overnite's drivers and dockworkers at 37 Overnite terminals in the U.S.