Cedar Rapids, IA (PRWEB) May 17, 2010
Despite what analysts predict to be a gradual improvement in the economy as the country emerges from the recession, CRST International is experiencing a significant increase in business in each of its operating subsidiaries. This week the company announced that its first quarter revenue was 17 percent ahead of projections and 18 percent over 2009 first quarter results.
"We're hitting equipment utilization numbers that haven't been seen in years, which is a combined result of an industry truck capacity shortage and improving freight volumes from our major customers," said Dave Rusch, President/CEO of CRST International. "We are implementing accelerated growth plans in our operating subsidiaries, which include adding 700 incremental tractors and 1,500 trailers over the next 18 months. This $ 100 million capital expansion plan will help us meet growing demand by our customers."
The three-year recession has forced over 7,000 trucking companies into bankruptcy and caused many others to downsize their truck fleets. As a result, truck capacity is down considerably. CRST believes its debt-free balance sheet and strong financial position will allow it to capitalize on these improved freight conditions.
CRST International has seen record performance in three of its operating subsidiaries: CRST Van Expedited, Inc, the company's dry van subsidiary, CRST Malone, Inc, the company's flatbed subsidiary and CRST Dedicated Services, Inc., the company's dedicated truck subsidiary.
"We've seen a considerable increase in business since the fourth quarter of 2009 as a result of tightening capacity," said Rusch. "We believe as the economy continues to improve in the second half of the year, our customers will be looking at us to step up with additional truck capacity."
The company will continue to build the infrastructure needed to meet its growth plans. In addition to equipment additions, CRST is building a $ 15 million terminal in Riverside, Calif., and expanding its Cedar Rapids, Iowa, training center. CRST is actively recruiting administrative and management personnel to support its expansion plans.
CRST is currently ranked the sixth largest truckload carrier in the United States.
CRST International
Cedar Rapids, Iowa–based CRST International is one of the largest privately-held transportation companies in the United States. Through its five divisions, CRST provides a broad array of transportation solutions, including Van and Flatbed as well as Brokerage and Transportation Management Services. CRST's Operating Divisions are made up of CRST Logistics and CRST's asset-based Carrier Group, which consists of CRST Van Expedited, CRST Malone, CRST Dedicated Services and CRST Capacity Solutions. For more information, visit www.crst.com.
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