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  • #16
    Re: Yellow Corporation

    More news on the new "Yellow Corp."

    YRC Becomes Yellow, Announces Q4 Earnings and Continues Rebuilding Its Fleet
    The recently rebranded Yellow Corp. — formerly YRC Worldwide — narrowed annual losses by nearly half even as fourth-quarter losses widened, and said it is bolstering operations through property divestitures and investments in new equipment.
    Yellow’s new name took effect Feb. 4, the date of its earnings release in which it reported Q4 net losses widened to $18.7 million, or minus 37 cents a share, compared with a loss of $15.3 million, minus 46 cents, in 2019. The company’s Q4 revenue inched up to $1.164 billion from $1.159 billion a year earlier.
    The company noted that the names of its LTL brands — Holland, New Penn, Reddaway and YRC Freight — as well as HNRY Logistics, will not change.
    By the end of 2020, the company purchased 300 new tractors and 1,200 trailers. In the first quarter of this year, it plans to buy 1,110 tractors, 1,900 trailers, and 250 containers.
    https://www.ttnews.com/articles/yrc-...ding-its-fleet

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    • #17
      Re: Yellow Corporation

      Originally posted by wizard View Post
      Interesting why this wasn't posted by some(used to be YRC,and now Yellow)employee...Maybe it was just an oversight,or maybe,just maybe,because it wasn't some Dr.Feelgood,Kumbaya BS propaganda article...Name change back to(one brand)Yellow...James Pierson,CFO resigns,no explanation...Full year net loss for 2020 was $53.5 million,better then last year,absolutely,still a loss...Company's outstanding debt was $1.284 billion as of December 31,2020,an increase of $381.2 compared to $902.8 million as of December 31,2019...Still a long road ahead,they will cut costs and consolidate terminals to save money...Makes perfect business sense...

      Why the name change back to Yellow?....Because as of March,2022,it will be one company with the merging of the regionals all becoming Yellow...NP in Hightstown,NJ had a meeting about it already...It's already started in upstate NY with merging of YRC and NP terminals...Can't get drivers now even with their bonus program...

      When consolidating terminals there will be more than enough drivers,too many as a matter of fact,and there will be layoffs unfortunately...Problem for the locals will be of course...Endtail?...Dovetail?...NP drivers(641) will definitely have seniority in any dovetail with the YRC terminal(701) right next door...It's their contention the contract states any merging will be a ''dovetail''...You know damn well Ernie's going to fight that tooth and nail for his 701 members...Should be very interesting how this all plays out....

      https://www.globenewswire.com/news-r...rporation.html

      https://www.thestreet.com/investing/...ss-cfo-resigns
      What I don't get is the fact that Yellow's debt continues to rise.. Wasn't it down under $900 million?? And now it is $1.284 billion?? What happened to that influx of like $750 million from the government in the name of Covid relief??

      Comment


      • #18
        Re: Yellow Corporation

        Originally posted by fxstc07 View Post
        More news on the new "Yellow Corp."

        YRC Becomes Yellow, Announces Q4 Earnings and Continues Rebuilding Its Fleet
        I guess you didn't bother reading the article I posted as you admitted not reading all the articles I posted for months in the political section from ''Left-Wing'' web-sites about the 47 year political corruption that is Joe Biden...Let's try again,shall we?

        https://www.globenewswire.com/news-r...rporation.html

        ''Migrating to ''one'' Yellow technology platform and creating ''one'' Yellow network are the ''key'' enablers of our enterprise ''transformation strategy'',which is to provide a superior customer experience under ''one Yellow brand''...There is no NP salesforce,just Yellow,there is no NP headquarters,just Yellow,there is no future NP 'Brand',just Yellow...Yellow has taken some NP accounts already...And other accounts over a certain weight,they have to ship with Yellow...There is only going to be ''ONE YELLOW BRAND''...NP drivers know what's coming,no matter how much you try to spin it...
        Last edited by fxstc07; 02-07-2021, 12:37 PM.

        Comment


        • #19
          Re: Yellow Corporation

          Originally posted by crazy View Post
          What I don't get is the fact that Yellow's debt continues to rise.. Wasn't it down under $900 million?? And now it is $1.284 billion?? What happened to that influx of like $750 million from the government in the name of Covid relief??
          That's a great question crazy,especially with their ''OR'' being around 98...I don't get it either...

          Comment


          • #20
            Re: Yellow Corporation

            Originally posted by wizard View Post
            I guess you didn't bother reading the article I posted as you admitted not reading all the articles I posted for months in the political section from ''Left-Wing'' web-sites about the 47 year political corruption that is Joe Biden...Let's try again,shall we?
            Before you criticize someone over reading skills, perhaps it might pay you to sharpen your comprehension skills.
            To clarify, go back to post number 4 in this thread and check the linkbacks.
            Or you may just look at this post on TOL from Nov, 3, 2020. https://teamstersonline.com/forums/y...tructures.html
            Last edited by fxstc07; 02-07-2021, 02:33 PM.

            Comment


            • #21
              Re: Yellow Corporation

              Originally posted by wizard View Post
              That's a great question crazy,especially with their ''OR'' being around 98...I don't get it either...
              How is it that a trucking company can be around as long as yellow, and basically never really make a profit that justifies their existence.I hope for all the employees and retirees that they find a way to continue in business.

              Comment


              • #22
                Re: Yellow Corporation

                Originally posted by 1484-1075 View Post
                How is it that a trucking company can be around as long as yellow, and basically never really make a profit that justifies their existence.I hope for all the employees and retirees that they find a way to continue in business.
                I too hope that they can stay in business. If they can't it certainly not the union's fault. All the concessions given by the men and it still can't turn a profit. I'd say the biggest problem lies with the overwhelming debt left by Zollars borrowing to buy Roadway/New Penn and USF.

                Comment


                • #23
                  Re: Yellow Corporation

                  Originally posted by 2631 View Post
                  I too hope that they can stay in business. If they can't it certainly not the union's fault. All the concessions given by the men and it still can't turn a profit. I'd say the biggest problem lies with the overwhelming debt left by Zollars borrowing to buy Roadway/New Penn and USF.
                  If they would have left all the regionals alone, to operate in their profitable way, the whole corp.would be benefiting.They have stripped Holland and NewPenn of their upper management that made those companies profitable, and replaced with yellow rejects and wannabes that have led them down the same road as yellow.There was nothing broke so there was no need for trying to fix.

                  Comment


                  • #24
                    Re: Yellow Corporation

                    Originally posted by 2631 View Post
                    I too hope that they can stay in business. If they can't it certainly not the union's fault. All the concessions given by the men and it still can't turn a profit. I'd say the biggest problem lies with the overwhelming debt left by Zollars borrowing to buy Roadway/New Penn and USF.
                    Yup,keep kicking the can down the road with corporate executives making out like bandits...How many times have we seen this movie?

                    Comment


                    • #25
                      Re: Yellow Corporation

                      Originally posted by 1484-1075 View Post
                      If they would have left all the regionals alone, to operate in their profitable way, the whole corp.would be benefiting.They have stripped Holland and NewPenn of their upper management that made those companies profitable, and replaced with yellow rejects and wannabes that have led them down the same road as yellow.There was nothing broke so there was no need for trying to fix.
                      Exactly right,but that was never Yellow's style...

                      Comment


                      • #26
                        Re: Yellow Corporation

                        Originally posted by wizard View Post
                        Yup,keep kicking the can down the road with corporate executives making out like bandits...How many times have we seen this movie?
                        And they continue to make their interest payments.. Win win for the banks..

                        Comment


                        • #27
                          Re: Yellow Corporation

                          Originally posted by fxstc07 View Post
                          Before you criticize someone over reading skills, perhaps it might pay you to sharpen your comprehension skills.
                          To clarify, go back to post number 4 in this thread and check the linkbacks.
                          Or you may just look at this post on TOL from Nov, 3, 2020. https://teamstersonline.com/forums/y...tructures.html
                          The Mummy speaks!!!!!.....Give that man a cigar....How about we take it over to the political thread and you can further help me 'sharpen' my comprehension skills?...

                          Comment


                          • #28
                            Re: Yellow Corporation

                            Originally posted by 1484-1075 View Post
                            If they would have left all the regionals alone, to operate in their profitable way, the whole corp.would be benefiting.They have stripped Holland and NewPenn of their upper management that made those companies profitable, and replaced with yellow rejects and wannabes that have led them down the same road as yellow.There was nothing broke so there was no need for trying to fix.
                            The problems started with the driver shortage and forcing NPME to use 53's.
                            It screwed everything up from the getgo.
                            NPME used 12'6 narrow 45's for everything.
                            That was the necessary speed for next day in the northeast.
                            Speed.

                            YRC came in with the 53 and racking everything and stacking and packing the trailers...and the time to unload and load them....just screwed it all up in my opinion.
                            Looks great as a theory.
                            But I think we went down from there.
                            Even with driver shortage...I think we'd have had better profits and reputation if the speed was maintained by cutting customers who took to much time or didn't profit us much and doing the workload the shortage allowed for...not trying to do more..but YRC is all about Bill counts and packing big trailers.
                            Slow is what they are about imo.
                            Then they add computers and vests..and now masks...its just a bunch of stuff taking a little more and a little more and a little more time....and there is no time left to lose.

                            Comment


                            • #29
                              Re: Yellow Corporation

                              Originally posted by crazy View Post
                              What I don't get is the fact that Yellow's debt continues to rise.. Wasn't it down under $900 million?? And now it is $1.284 billion?? What happened to that influx of like $750 million from the government in the name of Covid relief??
                              Originally posted by wizard View Post
                              That's a great question crazy,especially with their ''OR'' being around 98...I don't get it either...
                              You and Wizard are not alone Crazy...

                              Trying to make sense of the YRC bailout

                              Should federal coronavirus-related funds rescue a company that was failing pre-COVID?

                              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 by COVID-19 and maintain employment for their workers, is only drawing more scrutiny.

                              On Wednesday, YRC Worldwide announced its latest lending agreement, a $700 million, two-tranche program that will allow it to make delinquent health and welfare and pension payments as well as fund capital expenditures for its tractors and trailers. As part of the deal, YRC will be required to issue the Treasury Department shares of common stock, which YRC expects will equate to a 29.6% equity stake in the company.

                              Entering the day, YRC’s market capitalization, the total dollar value of its outstanding shares, stood at approximately $66 million. Shares of YRCW surged 75% on news of the bailout, raising the company’s market cap to $115 million by day’s end. Even with the stock’s run on Wednesday, the company’s market cap is a fraction of the bailout amount and the stock is still off 80% from 2018 highs. A debate on whether taxpayers were properly compensated for or protected from the risk is likely to ensue.

                              While the $700 million financing will address some of the carrier’s obligations ($345 million in lease and $231 million in pension and post-retirement liabilities), thereby improving its cost structure, the company still has roughly $880 million in debt to contend with and still operates from a structurally weaker operating position than its peers.

                              https://www.freightwaves.com/news/tr...he-yrc-bailout
                              That article was written July of 2020. Here's a recent article...

                              On a Thursday evening call with analysts, management said it had spent the bulk of the $75 million October draw it received from the $400 million second tranche of the loan. That tranche was allocated for equipment capital expenditures. Yellow received $176 million in January, which should be exhausted on new equipment purchases — 1,100 tractors, 1,900 trailers and 250 containers — in the next couple of months. The remaining $149 million will be used in 2021 and will include buying out existing leases on equipment. Management guided to $450 million to $550 million in capital expenditures during 2021.

                              $274 million of tranche A, $300 million in total for the repayment of deferred benefits payments, has been used, with the remainder to be distributed in the first quarter.

                              A full-year net loss of $53.5 million was roughly half of 2019’s $104 million loss, which included $11.2 million in costs associated with its term loan refinancing.

                              YRC ended the year with liquidity of $440 million and total debt of $1.28 billion.

                              https://www.freightwaves.com/news/yr...q4-misses-mark
                              Yep... the highpoint of the year is that they only had a loss of $53.5 million.

                              You know what they say when the government steps in...

                              With 21% Sold Short, Do Not Buy Stock In YRC Worldwide

                              If you are thinking about investing in YRC now that it’s 30%-owned by the government, think again. 21% of its shares are sold short. And this company has mostly struggled — with a few up periods — for decades.

                              An industry expert who declined to go on the record for fear of jeopardizing his relationship with YRC told me, “I think the biggest problems relate to the cost structure. YRC is a unionized trucking company. They are saddled with the costs and constraints of a union model, along with very high capital expenditures to maintain a terminal network. Over the last 30 years, the most successful companies in terms of value creation consistently have been non-asset, non-union logistics companies. I don’t know any union trucking companies that have been successful.”

                              I suppose if the Treasury is willing to keep pouring money into YRC, its nearly 30% stake in the company could be worth more. But left to the free market, YRC stock would reward those who are betting on its bankruptcy. Do not buy YRC.

                              https://www.forbes.com/sites/peterco...h=1940f0b0390d

                              Comment


                              • #30
                                Re: Yellow Corporation

                                yellow re-branding: Consolidation of terminals is starting

                                now that the stock exchange shows yell at the new marker for yrc worldwide, what does this new branding mean for working teamsters? First, it will mean consolidation and the need to protect jobs ..
                                Yrc freight and holland have requested a multi-region change of operations hearing for march 11-12, 2021. The plan is to consolidate work currently done out of the green bay wisc, la crosse wisc, rockford ill, rock island ill, and saginaw mich into holland terminal operations.

                                The terms will be reviewed under article 8, section 6 of the nmfa. Seniority will be dovetailed, active to active, inactive to inactive. Yellow is requesting an april 4, 2021 implementation date. Teamsters transferring to a holland operation will be governed by the holland work rules and contractual provisions.

                                The future for teamsters
                                while yrc-freight, holland, new penn, reddaway, and hnry logistics will continue to operate as separate entities, yellow ceo darren hawkins says this is a transition period. The first phase will be a review of terminal operations and locations, and where it makes geographical sense, a consolidation. The company has 333 terminals in the overall ltl freight foot print, and is going to reduce that number. Hawkins recently told logistics management that yellow will not have two brands in one geography.

                                Teamsters are starting to see some of this, involving holland and yrc freight. It’s important that we enforce the contract. Yellow got a hefty infusion of cares act dollars to the tune of $700 million, which was to help maintaining current employment levels. Let’s be sure to hold yellow to that

                                https://www.tdu.org/yellow_re_brandi...ls_is_starting

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