Trucking firm USF Corp. reported net income of $8.1 million for the second quarter compared to $5.9 million reported for the same period last year, though a $7 million charge related to discontinued operations was included in last year's figures.
Net income from continuing operations for the second quarter was also $8.1 million, which was lower than the $13 million it had in the second quarter last year.
Operating revenue for the second quarter was $567.1 million, a 0.7% decrease from the $571.2 million reported for the second quarter of 2002. Operating revenue per working day, however, increased 1.7% over last year's quarter.
The company said elements contributing to the relatively flat revenue were decreases in revenue at USF Red Star and USF Logistics. USF Red Star is being restructured to its core business markets in the Northeast. This strategy requires exiting certain terminals and shedding unprofitable business.
Operating earnings for the LTL group were $25.3 million in the quarter, compared to $28.5 million for the second quarter of 2002. USF Glen Moore, the company's truckload carrier, recorded a 9.6% revenue increase to $31.2 million in the current quarter over last year's $28.5 million.