Freightmaster1
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YRC Worldwide (YRCW -22.1%) is on track to close at a seven and a half month low after posting a much larger than expected Q2 loss while revenues slipped 4% Y/Y to $1.27B.
YRC cites the labor strife that preceded a May agreement for much of the Q2 weakness, as CEO Darren Hawkins said the contract affected the company in several ways: "First, we saw declining revenues due to temporary customer concern surrounding the labor negotiation. Second, while the labor contract was ratified midway through May, the economic package was retroactive to April 1, [which] created cost headwinds that we were not fully able to offset during the quarter with revenue growth or cost savings."
Trucking and logistics names trade broadly lower: SAIA -1%, SNDR -1%, JBHT -1.4%, WERN -1.6%, CHRW -1.7%, ODFL -1.9%, HUBG -2.4%, XPO -3.6%, KNX -4.6%.
YRC cites the labor strife that preceded a May agreement for much of the Q2 weakness, as CEO Darren Hawkins said the contract affected the company in several ways: "First, we saw declining revenues due to temporary customer concern surrounding the labor negotiation. Second, while the labor contract was ratified midway through May, the economic package was retroactive to April 1, [which] created cost headwinds that we were not fully able to offset during the quarter with revenue growth or cost savings."
Trucking and logistics names trade broadly lower: SAIA -1%, SNDR -1%, JBHT -1.4%, WERN -1.6%, CHRW -1.7%, ODFL -1.9%, HUBG -2.4%, XPO -3.6%, KNX -4.6%.