Less than truckload

YRCW Teamsters members still getting benefits in 8-week extension

YRCW employees are starting the third week of healthcare being paid for by the Teamsters’ benefits provider as if they were out of work, even though not all of them are. 

The healthcare situation for YRCW employees is just one manifestation of the fiscal problems at the less-than-truckload (LTL) carrier, a slide that has taken the company’s stock price down to $1.40 from a 52-week high of just under $5.

On May 8, TeamCare, an operating unit of the Teamsters-affiliated Central States Health Fund,...

https://s29755.pcdn.co/news/yrcw-teamsters-members-still-getting-benefits-in-8-week-extension

Commentary: Uber getting out of “Freight” would be bad for freight

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates. 

In late 2017, when Uber announced “Freight,” I was about to build a digital freight brokerage, one with a very different focus but in the same pool. In the 2.5 years since, I have had a front row seat for the impact – first selling against them, and now helping companies with their digital transformations.

Before everyone starts celebrating the possible demise of...

https://www.freightwaves.com/news/commentary-uber-getting-out-of-freight-would-be-bad-for-freight

Panel of shippers looks at the question of YRCW’s fate

In a broad-based discussion about the state of the trucking market with a panel of shippers, the talk got very specific when the panel’s moderator asked about one particular carrier – YRCW.

At the Wolfe Research Global Transportation & Industrials conference, analyst and moderator Scott Group asked the virtual gathering about whether the large shippers he had brought together might be impacted by the ongoing financial troubles at the less-than-truckload (LTL) carrier. 

Specifically, he turned...

https://s29755.pcdn.co/news/panel-of-shippers-looks-at-the-question-of-yrcws-fate

Worst truckload linehaul data in 15 years may mark the bottom

Payment management solutions provider Cass Information Systems’ (NASDAQ: CASS) freight index fell mightily in April as expected. The shipments component of the index dropped 22.7% year-over-year with the expenditures component off 18.2% as the U.S. economy felt the brunt of a full month’s worth of lockdowns.

The report’s author, Stifel Financial (NYSE: SF) equity research analyst David Ross, said April marks the bottom. “May should be better, as the U.S. economy slowly begins to reopen and some...

https://s29755.pcdn.co/news/worst-truckload-linehaul-data-in-15-years-may-mark-a-bottom

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

YRC management avoids questions following earnings beat

YRC double on highway

Citing a “tremendous amount of uncertainty surrounding COVID-19 and the rapidly changing environment,” management on YRC Worldwide’s (NASDAQ: YRCW) first-quarter 2020 earnings call excluded questions from analysts.

The less-than-truckload (LTL) carrier reported net income of $4.3 million in first quarter 2020, 12 cents per share on a diluted basis and well ahead of the consensus estimate of a 57-cent-per-share loss. The result included $39.3 million in gains on property sales versus a $1.6...

https://s29755.pcdn.co/news/yrc-management-avoids-questions-following-earnings-beat

Today’s Pickup: Flock Freight reaches 12,000 pooled shipments

Good day,

Flock Freight, a logistics tech company that enables scaled freight pooling (the process of combining multiple loads onto one truck), today announced it has pooled more than 12,000 total shipments.

Additionally, Flock Freight’s hubless pooling product, FlockDirect, attracted new customers in 2020, including Berlin Packaging, Blue Diamond Almonds, Mueller Industries, Nature’s Bounty, and Tuft & Needle.  

Founded in 2015,  Flock Freight’s hubless pooling technology utilizes proprietary...

https://s29755.pcdn.co/news/today

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

Career Tracks: Truckstop.com, Southeastern Freight and Eimskip

Freight-matching marketplace Truckstop.com announced that Brad Bedoe has joined the company as chief marketing officer.

The newly created position will direct marketing functions across various disciplines, including demand generation, go-to-market strategy, industry/segment marketing, and brand and product marketing.

Bedoe previously was the CMO for Verizon Connect. Prior to that, he was the vice president of segment marketing for Fleetmatics. While at Fleetmatics, Bedoe helped scale the company...

https://s29755.pcdn.co/news/career-tracks:-truckstopcom,-southeastern-freight-and-eimskip

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