Yellow Corp.

Yellow turns an operating profit in strong LTL macro environment

Yellow tackling driver problem

A rising tide of strong demand and tight capacity lifted all LTL boats in the second quarter. The market was so strong, in fact, that even the perpetually leaking dinghy from Kansas made money.

Overland Park-based Yellow Corp. reported late Wednesday second-quarter operating income of $27 million on revenue of $1.3 billion. This compares to operating loss of $4.6 million on revenue of $1.015 billion during the second quarter of 2020, when economic lockdowns during the early days of the COVID-19...

https://www.freightwaves.com/news/yellow-turns-an-operating-profit-in-strong-ltl-macro-environment

Yellow defends transparency of CARES Act loan

Yellow Corp. [NASDAQ: YELL] CEO Darren Hawkins is confident he can show lawmakers that his company’s $700 million CARES Act loan being scrutinized in a new congressional probe is in full compliance with the loan terms.

“Please be assured with respect to your question regarding our ‘eligibility for and use of the funds’ that the Subcommittee’s inquiry and Yellow Corporation’s documents will conclusively confirm that the information the Company provided in applying for the loan was completely...

https://www.freightwaves.com/news/yellow-defends-transparency-of-cares-act-loan

Yellow sees Q2 trends accelerate, still lags peers

Yellow provides Q2 update

Less-than-truckload carrier Yellow Corp. (NASDAQ: YELL) reported large year-over-year improvements in its operating metrics through the first two months of the second quarter Monday. However, the increases lagged those of some competitors.

Table: Company reports

Of the publicly traded LTL carriers that provide intraquarter updates, all have posted big year-over-year increases due to significant demand erosion tied to COVID lockdowns in the year-ago period.

Overland Park, Kansas-based Yellow...

https://www.freightwaves.com/news/yellow-sees-q2-trends-accelerate-still-lags-peers

Congress escalates probe into Yellow’s $700M COVID loan

Congress is stepping up its scrutiny of Yellow Corp. (NASDAQ: YELL) and its $700 million CARES Act relief loan following reports alleging the company may have been ineligible for the funds and then misused them.

In letters sent on Thursday to Treasury Secretary Janet Yellen, Department of Defense (DOD) Secretary Lloyd Austin, Yellow CEO Darren Hawkins and Crowley Logistics, Rep. James Clyburn, D-S.C., chairman of the Select Subcommittee on the Coronavirus Crisis, requested documents on whether...

https://www.freightwaves.com/news/congress-escalates-probe-into-yellows-700m-covid-loan

FreightWaves Haul of Fame: Roadway Express was an LTL leader for decades

The U.S. trucking industry grew in the years following World War I. Nonetheless, the industry was still in its early days, and railroads were the primary method of transportation for goods from point of manufacture to point of sale. 

Early history

This did not deter brothers Carroll and Galen Roush, who founded Roadway Express in Akron, Ohio in 1930. Roadway Express entered the trucking industry as a less-than-truckload (LTL) carrier; its first load was transporting tires between Akron and St....

https://www.freightwaves.com/news/freightwaves-haul-of-fame-roadway-express-was-an-ltl-leader-for-decades

Yellow announces departure of executives; Harris becomes president

Executive changes at Yellow

Less-than-truckload carrier Yellow Corp. (NASDAQ: YELL) announced Tuesday the departure of COO T.J. O’Connor and Chief Network Officer Scott Ware. Darrel Harris, who was brought on board in November to head the company’s strategic initiatives, will take over as president.

Yellow President Darrel Harris (Photo: Yellow Corp.)

Harris has 25 years of experience in transportation, most recently leading Yellow’s enterprise transformation to a super regional carrier. The network changes include...

https://s29755.pcdn.co/news/yellow-announces-departure-of-executives-harris-becomes-president

Biden expected to sign LTL driver pension relief package

Legislation bailing out financially troubled multiemployer pension plans – including a plan covering thousands of employees and retirees from LTL carriers Yellow and ABF Freight – could be signed into law by President Joe Biden as early as this week.

The Butch Lewis Pension Plan Relief Act of 2021 was included in the $1.9 trillion COVID-19 rescue package that was approved on Saturday by the U.S. Senate along party lines, 50-49. The package is expected to be taken up by the U.S. House of...

https://s29755.pcdn.co/news/biden-expected-to-sign-ltl-driver-pension-relief-package

Yellow hiring 1,500 drivers, opening 12 schools

Yellow tackling driver problem

As the trucking industry continues to grapple with a lack of qualified drivers to meet elevated demand, less-than-truckload provider Yellow Corp., formerly YRC Worldwide (NASDAQ: YRCW), announced Monday it would add 1,500 drivers and open 12 new driver academies.

The press release from the Overland Park, Kansas-based carrier pointed to the American Trucking Associations’ estimate that the industry is short 60,000 drivers as evidence of the need for a hiring blitz. The pandemic has reduced the...

https://www.freightwaves.com/news/yellow-hiring-1500-drivers-opening-12-schools

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