Most of the major long-haul trucking companies have reported quarterly earnings by now, and the news has been about as welcome as a state trooper with a ticket quota to meet. All trucking companies were affected by the same negative factors for the winter quarter:

1. Slowing economy, with particular weakness in the housing and auto sales sectors, resulting in weakening demand for the past eight months.

2. Excess capacity, though not necessarily excess drivers, as many companies bought new truck engines prior to the deadline for more fuel efficient (and expensive) and less polluting engines.

3. Soaring fuel costs, up 17 cents per gallon in March alone, with no end in sight for the next several quarters.

4. Wretched weather for days on end in many parts of the country.

Despite what might initially appear to be a uniformly negative scenario, the long-haul trucking sector is more fragmented than investors may realize, so results were NOT NEGATIVE across the board. In many cases, revenues were up, but then again, so were operating expenses. The degree to which senior management can control costs and utilize existing equipment effectively often made the difference.