Richard G. Phillips will remain chief executive officer of Pilot Freight Services, and his family “will maintain a significant equity stake” in the company.
The freight broker and third-party logistics provider also said Wednesday it has completed the integration of truckload-oriented freight broker Command Transportation, LLC, which it acquired in June 2015 for $420 million.
The railroad transportation equipment manufacturer posted net earnings of $183.2 million in fiscal 2016, ended Aug. 31, a 5 percent decrease from the previous fiscal year, even as revenues reached a record $2.68 billion.
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Investments in new projects are slowing, and Neil Davidson, senior analyst in Drewry’s ports and terminals practice, warned that a sudden rebound in demand could be a problem.
Transportation planners and industry executives briefed House lawmakers last week on progress made so far with implementing freight provisions of the FAST Act.
U.S. Customs and Border Protection auditors are becoming less lenient regarding trade law violations and are widening their enforcement net, partly due to pressure from Congress, which has repeatedly expressed concern about protecting domestic industry.