ArcBest

Trying to make sense of the YRC bailout

YRC Freight double in the desert

The claws are coming out already, with some industry onlookers questioning the government’s rationale behind making a huge loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW), a perpetually struggling company and one that the government’s own Defense Department alleges overcharged it for services. The loan’s placement under the umbrella of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is intended to help businesses survive the economic downturn caused...

https://s29755.pcdn.co/news/trying-to-make-sense-of-the-yrc-bailout

Shares of YRC Worldwide sink on weak midquarter report

YRC LTL rig on highway

YRC Worldwide (NASDAQ: YRCW) has provided a brief update on shipping and yield metrics for the first two months of the second quarter of 2020, and the numbers raise concerns.

In a press release, the Overland Park, Kansas-based less-than-truckload (LTL) carrier reported an 18.6% year-over-year tonnage-per-day decline through the first two months of the quarter with revenue per hundredweight, or yield, declining 6.3%.

The carrier reported a 22.6% year-over-year decline in April tonnage with yield...

https://s29755.pcdn.co/news/shares-of-yrc-worldwide-sink-on-weak-midquarter-report

ArcBest sees trends rebound during May

ArcBest double on highway

In a filing with the U.S. Securities and Exchange Commission, ArcBest Corp. (NASDAQ: ARCB) reported sequential improvement during the month of May, supportive of recent industry commentary suggesting that the less-than-truckload (LTL) market may have bottomed in April.

The Fort Smith, Arkansas-based logistics provider reported a 22% year-over-year consolidated revenue decline through the first two months of the 2020 second quarter. The April-May period of 2020 has two less working days compared...

https://s29755.pcdn.co/news/arcbest-sees-trends-rebound-during-may

April the bottom for less-than-truckload?

Old Dominion triple on highway

Old Dominion Freight Line (NASDAQ: ODFL) reported a 16.2% year-over-year decline in revenue per day during May as tonnage declined 12.1% and revenue per hundredweight, or yield, moved lower.

The less-than-truckload (LTL) carrier reported the May tonnage decline was the combination of a 16.7% decline in shipments, partially offset by a 5.4% increase in weight per shipment.

So far through the second quarter of 2020, revenue per hundredweight is down 4.7% year-over-year, 1.4% lower excluding fuel...

https://s29755.pcdn.co/news/april-the-bottom-for-less-than-truckload

Speculation on YRC’s survival ramps up

YRC double on road

One sell-side analyst has thrown in the towel on YRC Worldwide (NASDAQ: YRCW).

Following a mixed bag first quarter 2020, in which the carrier reported better-than-expected results, announced it was unlikely to meet future financial covenants and opted out of taking questions from analysts on its earnings call, Stifel Financial (NYSE: SF) equity research analyst David Ross has tapped out.

In a Tuesday report to clients, Ross announced that he has suspended his rating and estimates for the...

https://s29755.pcdn.co/news/speculation-on-yrcs-survival-ramps-up

ArcBest tops Q1 forecasts, April revenue down 20% on pandemic headwinds

ArcBest truck on highway

Shares of logistics provider ArcBest Corp (NASDAQ: ARCB) are surging on a much better than expected first quarter 2020 earnings report.

In the period, the company reported adjusted earnings per share of $0.36, well ahead of the consensus estimate of an $0.11 per share loss. The result excluded $0.14 per share in costs associated with its freight handling pilot test program and included a similar amount from adjustments in its life insurance program.

The company mostly escaped the freight falloff...

https://www.freightwaves.com/news/arcbest-tops-q1-forecasts,-april-revenue-down-20%-on-pandemic-headwinds

ArcBest reports strong Q1, April revenue down 20%

ArcBest double on highway

Logistics provider ArcBest Corp. (NASDAQ: ARCB) reported significantly better than expected results in the first quarter of 2020, posting adjusted earnings per share of $0.36 compared to consensus estimate calling for an $0.11 per share loss.

The company’s asset-based division, which includes less-than-truckload (LTL), reported a 1.9% year-over-year increase in revenue to $516 million as tonnage per day increased 4.6%, mostly offset by a 4.3% decline in revenue per hundredweight, or yield....

https://www.freightwaves.com/news/arcbest-reports-strong-q1-april-revenue-down-20

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