Amazon beat expectations in its first-quarter earnings release, but company officials noted that global tariffs are looming over potential profits in upcoming quarters. First-quarter earnings per share were up 64% year over year to $1.59, with both EPS and revenue surpassing Wall Street expectations.
Another round of layoffs has impacted several businesses across the freight industry, particularly in the Southeast. Companies like C&S Wholesale Services, Adient PLC, and Saks Global announced significant job cuts due to facility closures.
The bipartisan SHIPS for America Act is back in front of Congress, aiming to revitalize the domestic maritime industry. This legislation calls for funding to support the build of a fleet of 250 US flag cargo vessels and includes provisions like increasing cargo preference for US government cargo.
Tune in today for the final What the Truck?!? episode of the week at noon with Tim Dooner. Also, nominations for the FreightWaves fraud fighters award are ending tomorrow, so be sure to get those in at live.freightwaves.com. While you're there, register for the Freight Fraud Symposium happening in Dallas, Texas, in just two weeks.
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