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  1. #1
    Old School... and proud!!

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    Default Yellow Corporation Reports First Quarter 2021 Results

    Company Confirms 2021 Investment in Capital Expenditures Range of $450 Million to $550 Million

    OVERLAND PARK, Kan., May 05, 2021 (GLOBE NEWSWIRE) -- Yellow Corporation reported results for the first quarter ended March 31, 2021. Operating revenue was $1.198 billion and operating loss was $27.6 million, which included a $1.0 million net loss on property disposals. In comparison, operating revenue in the first quarter 2020 was $1.150 billion and operating income was $28.0 million, which included a $39.3 million net gain on property disposals.

    Net loss for first quarter 2021 was $63.3 million, or $1.26 per share, compared to net income of $4.3 million, or $0.13 per share, in first quarter 2020.

    'The severe winter weather, including a generational storm in the southern United States, significantly impacted our first quarter results,” said Darren Hawkins, Chief Executive Officer. “In February, roughly two-thirds of the 322 terminals in our network were either closed or had limited operations for some period. Our linehaul operations were also impacted by suspended service at various times. The recovery period to get the network fully back in cycle had a long tail that lasted into March and we estimate the unfavorable impact to operating income in the first quarter was approximately $16 million.

    'With the impact of the winter weather behind us, LTL capacity remains tight driven by an improving economy and consumer optimism. We continue to see a strong yield environment.

    'As previously indicated, we expect near-term headwinds from higher purchased transportation expense primarily attributable to the use of local cartage and over the road purchased transportation, both of which are more expensive in a tight capacity environment. We continue to expand our nationwide recruiting efforts including holding more than two dozen hiring events and increasing the number of driving academy locations to 17. We also took delivery of more than 1,100 tractors, 1,600 trailers and 140 containers during the first quarter as part of our $450 million to $550 million capital expenditures plan in 2021. As we hire drivers and bring on additional revenue equipment, we expect to use less local cartage and over the road purchased transportation.

    'We are in the process of executing the migration of our operating companies to One Yellow technology platform. We are also focused on optimizing the network to create One Yellow network and to expand and enhance service in the 1, 2 and 3-day lanes nationwide. The transformation to One Yellow remains on schedule to be completed in the middle of 2022.

    'The passage of the American Rescue Plan Act of 2021 will strengthen eligible multiemployer pension plans that are currently severely underfunded and substantially mitigate their unfunded liabilities. The Act and the relief it provides will protect the hard-earned benefits of retirees from many companies and many industries including members of the Yellow team,” concluded Hawkins.

    Financial Update

    • On a non-GAAP basis, the Company generated Adjusted EBITDA of $13.2 million in first quarter 2021, compared to $34.1 million in the prior year comparable quarter (as detailed in the reconciliation below). Last twelve months Adjusted EBITDA as of March 31, 2021 was $171.0 million compared to $214.6 million as of March 31, 2020 (as detailed in the reconciliation below).

    • In first quarter 2021, the Company invested $202.4 million in capital expenditures. This compares to $12.4 million in capital expenditures and $0.7 million in capital value equivalent in new operating leases for a total of $13.1 million in first quarter 2020.

    Operational Update

    • The operating ratio for first quarter 2021 was 102.3 compared to 97.6 in first quarter 2020.

    • Excluding fuel surcharge, first quarter 2021 LTL revenue per hundredweight increased 6.9% and LTL revenue per shipment increased 5.6% compared to the same period in 2020. Including fuel surcharge, first quarter LTL revenue per hundredweight increased 6.7% and LTL revenue per shipment increased 5.4%.

    • First quarter 2021 LTL tonnage per workday increased 0.5% when compared to first quarter 2020.

    Liquidity Update

    • The Company’s available liquidity, which is comprised of cash and cash equivalents and Managed Accessibility (as detailed in the supplemental information provided below) under its ABL facility, was $423.0 million as of March 31, 2021 compared to $118.0 million as of March 31, 2020, an increase of $305.0 million.

    • The Company’s outstanding debt was $1.462 billion as of March 31, 2021, an increase of $582.1 million compared to $879.9 million as of March 31, 2020.

    • For the three months ended March 31, 2021 cash used in operating activities was $38.8 million compared to $15.6 million in 2020.

    https://seekingalpha.com/pr/18303732...r-2021-results

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  3. #2
    Getting In The Groove Now.

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    Default Re: Yellow Corporation Reports First Quarter 2021 Results

    So a few snow days and not selling enough terminals made them operate at a loss? They better beg some of the management that worked at these individual companies that they fired or let go after acquisitions , you know the ones that actually knew how to operate a freight company at a profit, to please come back or the current idiots running it in the ground, ( Hawkins) , are also going to run it out of money again. I can't understand why there hasn't been a no confidence firing of the whole executive management team. Didn't these morons give themselves a bonus in the 1st quarter triggering a bonus for the rank and file also? I'm thinking if they don't go there is not going to be anyway to save this company. And the only one to blame is this very very sorry management !

  4. #3
    I Am Rocking Now

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    Default Re: Yellow Corporation Reports First Quarter 2021 Results

    Was YRC or Yellow ever a profitable company ??? They bought Roadway ???,who ever would of thought that would happen.They ran New Penn and Holland into the ground,sold all their terminals,got rid of their operating management.They believe that Yellow is going to come back some how with NP,and Holland to help.These people are delirious with their thoughts on running a freight co.They must have a drawer of sharpened pencils that they believe is going to save them.
    All we can do is hope for the best for all the employees,God help them.

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  6. #4
    Getting In The Groove Now.

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    Default Re: Yellow Corporation Reports First Quarter 2021 Results

    I worked as a casual for Roadway back in the 1980's, and they would tell us they had 3 hundred million in the bank for nothing but rate wars, and told us how long they could run empties and still be in business. I truly thought they would be the last one standing. I think all of these companies made money at 1 time, but the holding company , yrcw , or yellow corporation is who is killing them in my opinion . That Buck should stop with Hawkins.

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  8. #5
    Getting In The Groove Now.

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    Default Re: Yellow Corporation Reports First Quarter 2021 Results

    Quote Originally Posted by 1484-1075 View Post
    Was YRC or Yellow ever a profitable company ???
    They must have a drawer of sharpened pencils that they believe is going to save them.
    Back when they had people that had a clue about the freight industry running the show,yes. Now its all about numbers crunching,and making it LOOK good, as we used to joke about our former TM,"Time to get out the magic pencil!" They've got a warehouse full of "magic" pencils. lol

 

 

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