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  1. #1
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    Default Yellow Corporation Second Quarter 2021 Results

    Strong Yield Contributes to Solid Quarterly Results

    OVERLAND PARK, Kan., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Yellow Corporation (NASDAQ: YELL) reported results for the second quarter ended June 30, 2021. Operating revenue was $1.313 billion and operating income was $27.0 million. In comparison, operating revenue in the second quarter 2020 was $1.015 billion and operating loss was $4.6 million, which included a $6.0 million net gain on property disposals.

    Net loss for second quarter 2021 was $9.4 million, or $0.18 per share, compared to net loss of $37.1 million, or $1.09 per share, in second quarter 2020.

    On a non-GAAP basis, the Company generated Adjusted EBITDA of $82.9 million in second quarter 2021, a $45.0 million increase compared to $37.9 million in the prior year comparable quarter (as detailed in the reconciliation below). Last twelve months Adjusted EBITDA as of June 30, 2021, was $216.0 million compared to $183.1 million as of June 30, 2020 (as detailed in the reconciliation below).

    “I am pleased with the yield progress in the second quarter and look forward to continued operational efficiencies,” said Darren Hawkins, Chief Executive Officer. “Strong customer demand and an industry-wide shortage of qualified drivers are contributing to tight capacity and a favorable yield environment. Sequentially, LTL revenue per hundredweight increased 7.6% in the second quarter 2021 compared to first quarter 2021 and 16.2% compared to a year ago. This contributed to a nearly 30% increase in second quarter revenue compared to last year when the U. S. economy was severely impacted by the initial stages of the COVID-19 pandemic. With inventories below normal levels and U. S. manufacturing expected to return to full strength once the microchip shortage ends, demand for LTL capacity is positioned to remain strong into 2022.

    “Our yield strategy is also helping us manage near-term headwinds from higher purchased transportation expense. We are executing plans to reduce the use of local cartage and over the road purchased transportation and expect to see improvement as we move forward.
    “We are making steady progress towards One Yellow and the multi-year transformation remains on schedule. Two of our companies are now operating on One Yellow technology platform with the conversion of the others expected to be completed by the end of the year. Moving to a single technology platform sets the stage for a fully integrated network. I am excited for what One Yellow means for our customers, employees and shareholders. We will go to market as a super-regional carrier with enhanced service in the 1, 2 and 3-day lanes nationwide and provide customers with choice, simplicity, speed, visibility and reliability.

    “We are continuing to invest in Yellow with one of the largest capital expenditure plans in Company history. Through the first half of 2021, we have acquired more than 1,800 tractors, 2,200 trailers and 400 containers. The investments are expected to enhance safety, improve fuel efficiency, reduce maintenance expense and augment our sustainability efforts. We maintained our strong liquidity position during the second quarter helping us narrow 2021 capital expenditures guidance range from $450 million to $550 million to $480 million to $530 million,” concluded Hawkins.

    Financial Update

    • In second quarter 2021, the Company invested $143.8 million in capital expenditures. This compares to $11.7 million in capital expenditures in second quarter 2020.

    Operational Update

    • The operating ratio for second quarter 2021 was 97.9 compared to 100.5 in second quarter 2020.
    • Including fuel surcharge, second quarter 2021 LTL revenue per hundredweight increased 16.2% and LTL revenue per shipment increased 15.8% compared to the same period in 2020. Excluding fuel surcharge, second quarter LTL revenue per hundredweight increased 12.0% and LTL revenue per shipment increased 11.6%.
    • Second quarter 2021 LTL tonnage per workday increased 8.3% when compared to second 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 $423.2 million as of June 30, 2021, compared to $302.6 million as of June 30, 2020, an increase of $120.6 million.
    • The Company’s outstanding debt was $1.594 billion as of June 30, 2021, an increase of $684.1 million compared to $909.8 million as of June 30, 2020.
    • For the six months ended June 30, 2021, cash used in operating activities was $12.7 million compared to cash provided by operating activities of $213.6 million in 2020.

    https://investors.myyellow.com/news-...r-2021-results

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  3. #2
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    Default Re: Yellow Corporation Second Quarter 2021 Results

    https://investors.myyellow.com/news-...r-2021-results


    The operating ratio for second quarter 2021 was 97.9 compared to 100.5 in second quarter 2020.

    How does a company operate at a 97.9 and still show a loss?? Must be those dang teamsters.. Maybe it's time for another giveback so those in charge can legitimize their bonuses..


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  5. #3
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    Default Re: Yellow Corporation Second Quarter 2021 Results

    Quote Originally Posted by crazy View Post
    https://investors.myyellow.com/news-...r-2021-results





    How does a company operate at a 97.9 and still show a loss?? Must be those dang teamsters.. Maybe it's time for another giveback so those in charge can legitimize their bonuses..

    And all this time... we at ABF thought we had the shadiest bookkeeper around...

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    Default Re: Yellow Corporation Second Quarter 2021 Results

    Quote Originally Posted by Docker View Post
    And all this time... we at ABF thought we had the shadiest bookkeeper around...
    I think the only gains in several quarters was selling New Penn, Holland , Roadway , and Yellows terminals, to the competition , and leasing some back from the people they sold them to. Even here in Atlanta the Breakbulk Yellow is in in Marrietta is a lease back terminal. That's must be like pawning your car title then paying every month to keep driving your paid off automobile, with a nice fat interest rate. That seems crazy to me but I know they had sold most of the newer nicer and bigger terminals Holland had and rent them back. So if they actually operated under a dollar this quarter by moving freight, Bravo. I don't see how Hawkins and the new WOKE guy in charge of Yellow can take calls every quarter and tell investors how bad they suck, and I mean the Holding Company Yellow, not the rank and file. I'll bet there is a lot of drinking after they unass all the investors asking where's the money and improvements every quarter.

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    Default Re: Yellow Corporation Second Quarter 2021 Results

    Yellow focuses on LTL yield in push to profitability

    Dive Brief:

    * Tight capacity and better yield performance led Yellow to declare $27 million operating income in Q2, with CEO Darren Hawkins saying during the company's earnings call on Wednesday that he expects a "steady staircase of improvement" for the LTL carrier. Improving operating income will be key to Yellow meeting the standards of its creditors, including the federal government.

    * Hawkins said in Q2, Yellow focused on its big corporate accounts, with their profitable lanes, to help it pull attractive yield and profitability. One such big customer is Walmart.

    * Hawkins said the company is poised to pull itself beyond past problems because most of the growing demand in North America is in the middle mile, which is "ideal for LTL carriers, due to the shorter length of haul," he said. Still, because of capacity constraints and driver shortages, Hawkins said Yellow will lean into yield improvements to improve profitability, eschewing tonnage growth for now.

    Dive Insight:

    Yellow had problems in 2020 with creditors, facing a near-collapse last summer before the federal government threw the large LTL carrier a lifeline in the form of an emergency $700 million loan. The loan helped Yellow, then YRC before the national rebranding, get rid of older Class 8 tractors that had stuck the carrier with high maintenance costs. Hawkins said in the first half of 2021, the new 1,800 tractors, 2,200 trailers and 400 containers will save fuel and cut costs, while improving safety.

    The loan was much needed. The company was lacking liquidity, and Q2 2020 expenditures were only $11.7 million. The company was able to raise that to nearly $144 million in Q2 2021. With a fleet refresh almost finished, the question is, will the booming LTL market last long enough, or plateau at a high enough level, for Yellow to meet its goals? Now Yellow has to perform well enough to meet its creditors' obligations, and to keep its pension plans funded. That means in Q4, it has to reach an EBITDA goal of $100 million. In Q1 2022, that rises to $150 million, and will rise to $200 million thereafter. Yellow appears on track to meet such goals, with Q2 EBITDA of $82.9 million.

    Hawkins' emphasis on yield is also seen as helping Yellow push to profitability and long-term health. Yield measures the value of customers and lanes using a compound metric that involves revenue, costs, velocity, margin per shipment and value to the network.

    Hawkins explained the focus on yield means not having to add capacity to carry more tonnage. "We are leaning into yield growth over tonnage growth to help manage through the industrywide shortage of drivers and near-term purchase transportation headwinds," Hawkins said. "Favorable year-over-year pricing trends have carried into Q3."

    Meanwhile, the company continues to try to control costs by further consolidating under its Yellow brand name, having shed the YRC name earlier this year. Hawkins said Reddaway Trucking's bargaining-unit employees voted to join the rest of Yellow's employees in Q2, and the company hopes a single entity will save money. "A single operating system across the network is the technology linchpin to get to ... one Yellow network," Hawkins said.

    https://www.transportdive.com/news/Y...ty-LTL/604507/
    Meanwhile, the company continues to try to control costs by further consolidating under its Yellow brand name, having shed the YRC name earlier this year. Hawkins said Reddaway Trucking's bargaining-unit employees voted to join the rest of Yellow's employees in Q2, and the company hopes a single entity will save money. "A single operating system across the network is the technology linchpin to get to ... one Yellow network," Hawkins said.
    Imagine that... and it only took them 18 years to finally realize this.

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  10. #6
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    Default Re: Yellow Corporation Second Quarter 2021 Results

    Quote Originally Posted by Docker View Post
    Imagine that... and it only took them 18 years to finally realize this.
    I still think the top Morons in management should work for 1 dollar until they can get the company on solid earnings and paying FULL pension payments equivalent to ABF again, and then start taking a salary and bonuses like Lee Iacocca did with Chrysler. The big wigs have made enough money on the backs of the rank and file, I mean how much money do they need? To steal.

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  12. #7
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    Default Re: Yellow Corporation Second Quarter 2021 Results

    Quote Originally Posted by unionman View Post
    I still think the top Morons in management should work for 1 dollar until they can get the company on solid earnings and paying FULL pension payments equivalent to ABF again, and then start taking a salary and bonuses like Lee Iacocca did with Chrysler. The big wigs have made enough money on the backs of the rank and file, I mean how much money do they need? To steal.
    I couldn't agree more unionman... but I don't think that will ever happen because IMO... YRC made a deal with the devil and it's nothing but a cash cow for the banks. I hope I am proven wrong but I can't see it ending anytime in the near future seeing how all the main spokes of the wheel are getting greased (top management... IBT and the bank) with this arrangement. After all... the Rank and File are the ones that it effects the most and not a one of those 3 actually give a damn.

  13. #8
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    Default Re: Yellow Corporation Second Quarter 2021 Results

    I think they're all lying.

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    Default Re: Yellow Corporation Second Quarter 2021 Results

    Quote Originally Posted by slavenomore View Post
    I think they're all lying.
    I hate to admit this slavenomore but I think the United States has turned into a lying nation. Starting at the top echelon and trickling to the bottom. We have the government agencies… the politicians… wall street… big tech and corporations… the medical profession… the learning institutions… the main stream and social media and even many of the citizens themselves who will lie at the drop of a hat if it somehow benefits them. It seems like it’s as American as apple pie these days. It’s come to the point where you really can’t believe anything you hear or even see anymore. People used to say that seeing with your own eyes and hearing with your own ears is believing but you can’t even count on that anymore now that they have perfected the art of photo shopping and manipulating audio and videos. You really can’t trust what you see or hear these days… only what you believe to be true. After all… if one were to believe everything the media spews out on a daily basis… there wouldn’t be anyone left to run our government… they would all either be in jail or impeached.

    We really are in a bad state of affairs these days with all the lying going around that’s devastating to the working class and just what are the working bees doing about it… nothing… just turning on each other. I think many people spend way too much time hating our country when they should be hating the corrupt people who are destroying it and trying to find a way to do something about it.

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  17. #10
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    Default Re: Yellow Corporation Second Quarter 2021 Results

    Quote Originally Posted by Docker View Post
    I couldn't agree more unionman... but I don't think that will ever happen because IMO... YRC made a deal with the devil and it's nothing but a cash cow for the banks. I hope I am proven wrong but I can't see it ending anytime in the near future seeing how all the main spokes of the wheel are getting greased (top management... IBT and the bank) with this arrangement. After all... the Rank and File are the ones that it effects the most and not a one of those 3 actually give a damn.
    Sad but true. It would be hard to dispute your logic.

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