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Yellow Corporation
The data to watch if Yellow shuts down
The fifth-largest trucking carrier in the country, Yellow (NYSE: YELL) is teetering on the edge of bankruptcy as a dispute between management and the International Brotherhood of Teamsters, the union representing the truck drivers, threatens to massively disrupt operations next week.
There’s reason to believe that Yellow’s board’s decision not to make a $50 million payment into the Teamsters’ pension fund signals an intention to file for bankruptcy in the near future. And if Yellow doesn’t pay,...
https://www.freightwaves.com/news/the-data-to-watch-if-yellow-shuts-down
Loaded and Rolling: Yellow stares down the precipice
Yellow stares down the precipice
Negotiations between the Teamsters union and Yellow Corp. remain ongoing, with the fate of the nation’s third-largest LTL carrier hanging in the balance. Yellow is facing stiff resistance from the Teamsters over proposed operational changes that would consolidate operations between purchased regional carriers New Penn and Holland and integrate them into Yellow’s nationwide network.
Regarding the impact to the union, FreightWaves’ T...
https://www.freightwaves.com/news/loaded-and-rolling-yellow-stares-down-the-precipice
Yellow posts Q1 loss as costs jump
On a call with analysts Wednesday, Yellow Corp. (NASDAQ: YELL) CEO Darren Hawkins said he was “not pleased” with the company’s first-quarter results, a net loss of $63.3 million, or $1.26 per share.
The report was well below analysts’ expectations, which called for a loss of roughly half the one the Overland Park, Kansas-based less-than-truckload carrier posted. It was also a reversal from the $4.3 million in net income, or 12 cents per share, the company recorded during the 2020 first quarter.
Th...
https://www.freightwaves.com/news/yellow-posts-q1-loss-as-costs-jump
Saia to add more than 500 drivers and 300 dockworkers
Less-than-truckload carrier Saia (NASDAQ: SAIA) announced Tuesday it would be hiring more than 500 Class A CDL drivers and 300 dockworkers in the coming weeks. The company said the hiring blitz was in response to elevated demand and its expansion initiatives.
The recruitment campaign includes a $1,500 driver referral program, driver sign-on bonuses of $7,500 in some markets and a dock-to-driver training program with $5,000 in incentives.
“To meet demand and continue to offer customers the quality...
https://www.freightwaves.com/news/saia-to-add-more-than-500-drivers-and-300-dockworkers
Oversight panel says Yellow increased lobbying efforts ahead of $700M loan
The latest report from the congressional oversight commission tasked with monitoring COVID relief loans showed that less-than-truckload carrier Yellow Corp. (NASDAQ: YELL), formerly YRC Worldwide, was likely not as “critical to maintaining national security” as suggested by the Department of Defense and the Treasury.
The Friday report from the commission said that the carrier likely provided only 20% to 40% of the DOD’s LTL services, not the 68% stated by the DOD and Treasury when providing the...
Yellow takes delivery of 1,200 tractors as part of Treasury relief loan
Less-than-truckload carrier Yellow Corp. (NASDAQ: YELL) announced Tuesday it will take delivery of 1,200 tractors as part of its ongoing restructuring initiatives.
The Overland Park, Kansas-based company facilitated the equipment purchase using the second tranche of a $700 million Treasury loan the company received in 2020. The highly scrutinized loan made to the carrier described as in “precarious financial condition” at the time was done so under a special carve-out afforded under the CARES...
Flush with new models, PACCAR posts strong first-quarter financial results
PACCAR Inc. (NASDAQ: PCAR) set a record for sales of truck parts in the first quarter, suggesting that an industry backlog constrained by supply chain shortages is prompting truck owners to hold on to their older equipment longer.
“Inventory is relatively tight right now,” PACCAR CEO Preston Feight said on the company earnings call Tuesday. “The industry is at 1.9 months. We’re at 1.7. I wouldn’t expect to see a lot of change in that given the demand that is out there. I think that inventory is...
https://www.freightwaves.com/news/flush-with-new-models-paccar-posts-strong-q1-numbers
YRC/Yellow agrees to ‘immaterial’ $2.1M settlement in investor suit over DoD overcharges action
Yellow Corp. (NASDAQ: YELL), the former YRC Worldwide, has agreed to a settlement of $2.1 million — an amount the company earlier had referred to as “immaterial” — in an ongoing 2018 lawsuit on price overcharges brought by the Department of Defense.
The suit was brought by a group of investors, who already had lost in the district court. However, those investors were planning an appeal of that lower court decision, leading to settlement talks that resulted in the relatively small payout.
Plaintif...
Saia adds 20th facility in the Northeast
Less-than-truckload carrier Saia Inc. (NASDAQ: SAIA) announced Monday the addition of another terminal in the northeastern U.S. The Johns Creek, Georgia-based carrier’s newly opened facility near Wilmington, Delaware, marks its 20th addition to the region in the last four years.
In 2017, Saia embarked on an aggressive Northeast growth campaign, adding terminals from New Hampshire to Maryland. Those plans accelerated following the demise of New England Motor Freight, which had a large terminal...
https://www.freightwaves.com/news/saia-adds-20th-facility-in-the-northeast