Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

REVENUES AT LANDSTAR BOLSTERED BY RELIEF WORK

Record revenue that included $7 million earned from disaster relief work boosted Landstar System Inc.'s first quarter to a company record, with the Jacksonville-based transportation firm increasing its operating margin to 6.8 percent.

Revenue for the quarter, which closed April 1, rose 21 percent, to $610 million from $502 million in the year-ago quarter.

This resulted in net income of $24.4 million or 41 cents a share, compared with $16.8 million or 27 cents a share a year earlier, beating analysts expectations by about several cents. During a conference call to discuss the report, company officials said the current quarter should bring in earnings of 42 cents to 48 cents per share, with revenue growing to between $625.2 million and $646.8 million.

The company also announced Thursday that it would pay a dividend of 2.5 cents per share to shareholders of record on May 10.

Landstar's stock closed at $46.16 Thursday, up 42 cents.

Timothy Gibbons/The Times-Union

GM'S FIRST QUARTER LOSS MAKES SIXTH STRAIGHT

General Motors Corp. reported a first-quarter loss of $323 million Thursday, the sixth straight quarterly loss for the world's largest automaker, which is in the midst of an overhaul that includes hefty job cuts within its critical North American operations.

But the loss for the January-March period was smaller than its $1.3 billion loss in the first quarter of 2005. Revenue rose 14 percent and the loss in North America narrowed. Its shares rose more than 3 percent in premarket trading.

"The first quarter represented an important milestone in GM and GM North America's turnaround," GM Chairman and Chief Executive Rick Wagoner said in a statement.

The automaker, which lost $10.6 billion in 2005, is in the midst of a major restructuring that calls for cutting 30,000 jobs by 2008. …

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