Don’t you love these articles that try to make it sound like the sky is falling? Of course their earnings are off. All the LTL’s, and truckload carriers have had lower volume and revenue all of 2019.Freight Recession Catches Up To CH Robinson, Causing Earnings Miss
FreightWaves
Robinson's business was finally hit hard by the industrial recession in the United States, slowing global trade and a contracting eurozone.
From - Yahoo! Finance.com
In the case of the article I posted , I've noticed that the same author usually has this angle. Other reports about C.H. Robinson's 3rd quarter earnings were more matter of fact.Don’t you love these articles that try to make it sound like the sky is falling? Of course their earnings are off. All the LTL’s, and truckload carriers have had lower volume and revenue all of 2019.
As long as the rich guy running this company or that company can have someone do it cheaper that's what will happen....even if it's on the other side of the globe.Isn’t GM still on strike too ? There are several issues. Until we stop farming out our jobs. This country will suffer.
I would think their drivers would be headed to the barn right now with all the publicity on this. I know I would.Celadon , biggest bankruptcy in truckload history expected by mid-week
Short seller’s report calling the company “A House of Cards” in April 2017 foretold what was to become of one of the largest truckload carriers
Celadon Group (OTC: CGIP) will file for bankruptcy protection under Chapter 11 no later than Wednesday, December 11, according to internal sources. The Indianapolis-based, publicly-traded trucking carrier employed more than 3,200 drivers and took in more than $1 billion in gross revenue as recently as 2015.
More recent numbers are difficult to come by because Celadon had to restate its financial reporting after mismanagement and a complex accounting scandal that ultimately resulted in former executives being indicted on securities fraud charges yesterday, December 5.
But the imminent bankruptcy’s immediate cause was a technical default on Celadon’s covenants, the agreements between borrowers and lenders that can define requirements for cash reserves and earnings. Celadon entered the week with scant cash in its accounts to continue operations, but was negotiating with creditors Luminis and Blue Torch to secure further financing. Those talks fell through Thursday morning, December 4, when talks between Blue Torch and Luminis broke down over collateral issues. Blue Torch owned 70% of the debt and Luminus owned 30%.
Over-the-road drivers may be at risk of being stranded — our source could not verify that Celadon’s drivers would get home — and should fill their tanks at the earliest opportunity as the company’s fuel cards still work. Celadon’s 3,500 employees could lose their jobs soon.
Many top customers of the company have been notified, in an effort by management to mitigate freight being stranded after a filing. Celadon handles significant volumes of critical automotive freight and told its customers that it did not want their plants to shut down. Sources not associated with the company have also told FreightWaves that FedEx (NYSE:FDX) has stopped loading Celadon branded trailers.
Celadon will be the largest truckload carrier to file bankruptcy in history. The north-south truckload carrier has 2,695 trucks, including 2,000 in the United States, 360 in Canada, and 335 in Mexico. The company is a dominant carrier on the I-35 corridor, running freight from Laredo to the Midwest, with a large concentration in the automotive sector.
From - Freightwaves.com
I would think their drivers would be headed to the barn right now with all the publicity on this. I know I would.
Damm even the CEO of YRCW says the same thing "YRC Worldwide CEO Darren D. Hawkins attributed the results to the effects of long-running weakness in U.S. industrial activity,"
https://www.freightwaves.com/news/fisher-out-pierson-back-in-as-yrc-cfo-board-chairman-named
I heard that the trucking industry sees twice as many recessions as the rest of the industries in the US. I think some of these companies are getting hit so hard is because last year was a very good year for Trucking and some went out and blew there wad got into debt and didn't save for a rainy day and we all know it rains very hard in the trucking industry.It always hits us before it hits the rest of the country. Trucking runs this nation.
Funny thing about debt and the economy. We’re all told of the ‘08 bubble. Didn’t take but a minute in the Trump economy to see the billboards. Pontoon boat $X per month; low down 4% mortgage, etc. Guess we don’t learn from our mistakes. Cash, fellas, is king. Debt is death. Pay as you go. You may not be cool now, but you’ll retire sooner & better.I heard that the trucking industry sees twice as many recessions as the rest of the industries in the US. I think some of these companies are getting hit so hard is because last year was a very good year for Trucking and some went out and blew there wad got into debt and didn't save for a rainy day and we all know it rains very hard in the trucking industry.
If everybody saved their money a recession would be guaranteedFunny thing about debt and the economy. We’re all told of the ‘08 bubble. Didn’t take but a minute in the Trump economy to see the billboards. Pontoon boat $X per month; low down 4% mortgage, etc. Guess we don’t learn from our mistakes. Cash, fellas, is king. Debt is death. Pay as you go. You may not be cool now, but you’ll retire sooner & better.
And don’t forget he pointed out how thanksgiving was late this year affecting the 4th quarter earnings. That statement is like blaming the hurricanes that hit the Great Lakes area earlier this year.Visitor here. At my MI eol barn, we were much slower at the end of Q3 than now. As I work outbound dock prior to night linehaul, I noticed particular freight back in play after GM settled. Our city guys blamed our early price increase. But, it seems, our city guys blame a lot of things. We seem to be rolling well, a little inconsistent, but well now. Funny the YRC ceo (with a 100.9 OR) yakking about the market. Smh. Just another perspective.
I heard that the trucking industry sees twice as many recessions as the rest of the industries in the US. I think some of these companies are getting hit so hard is because last year was a very good year for Trucking and some went out and blew there wad got into debt and didn't save for a rainy day and we all know it rains very hard in the trucking industry.