USFREIGHTWAYS 3RD-QUARTER INCOME DIPS

USFREIGHTWAYS 3RD-QUARTER INCOME DIPS    As expected, USFreightways Corp., the Chicago-based logistics company, reported a dip in third-quarter income, due to results of its regional trucking subsidiaries and operating loss at the company's domestic and international freight forwarding division.
   Third quarter net income fell 18.2 percent, to $24.3 million, despite a 9.5-percent increase in revenue, to $626 million.
   Operating income for regional trucking fell 4.7 percent to $45.2 million, and the operating ratio increased to 90.3 percent, from 94.4 percent in the 1999 quarter. Less-than-truckload shipments rose 2.4 percent and LTL tonnage increased 1.8 percent. LTL revenue per shipment rose to $112.10 from $109.47.
   USF Worldwide, the freight forwarding division, lost $700,000 in the third quarter after earning $2.3 million in the year-earlier period. A 5-percent increase in revenue, to $66.4 million, was offset by deterioration in gross margin and increases in information technology expenses related to installation of new freight management software, USFreightways said. USF Asia lost $1 million in the latest quarter. USF Worldwide acquired Ultimex, an air freight forwarder in Great Britain, near the end of the quarter.
   USFreightways' logistics business revenue grew 31 percent to $69.8 million, but operating profits declined 13.5 percent to $4.2 million, due to continuing investment in technology.
   For January-September, USFreightways' net income rose to $47.2 million, from $73.5 million. Revenue rose 13.6 percent to $1.86 billion.