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TRUCKING INDUSTRY NEWS * USA - Con-way reduces profit outlook, jobs
San Mateo,Cal,USA -Associated Press/Forbes -8 Dec 2008: -- Trucking operator Con-way Inc. on Monday cut its forecast of 2008 profit by about 15 percent and said it cut about 1,450 jobs, or 8 percent of its work force last week, as it struggled with a slowing economy that has reduced demand for shipping goods... Con-way said it expects earnings from continuing operations between $2.20 and $2.35 per share, down from its previous forecast of $2.60 to $2.80 per share...
* Opinion - Truckers look to cut costs, reduce capacity - Wage cuts, capacity reductions are among the strategies for the down market
Newton,MA,USA -Purchasing, by Dave Hannon -8 Dec 2008: -- As trucking firms report demand declines they are doing whatever it takes to reduce costs, including renegotiating their union wage contracts and reducing overall capacity wherever possible... Last week the CEO of trucking giant YRC told the Associated Press that its proposed union wage reduction and other planned cost savings to be "more than enough to ride out the economic downturn"... The tentative deal that YRC struck with union employees for a 10% wage cut will provide $225-$250 million in savings when combined with non-union employee cuts in January. In exchange for the wage cut, YRC will offer its union employees a 15% stake in the company... But analyst Thomas Albrecht at Stephens Inc. warns that in light of their wage reductions, YRC workers’ morale and productivity could suffer at a time when the carriers needs to gain market share...
* Drivers consider wage cut to aid trucking company
Erie,PA,USA -Erie Times News -December 9, 2008: -- About 80 members of Teamsters Local 397 will be among union members nationwide who will vote on a 10 percent wage reduction as part of economic relief plan for YRC Worldwide Inc., a trucking company... Local 397 President Ronald Gibbs said union leadership is recommending approval of the plan because of the financial problems faced by YRC Worldwide during the current economic downtown... The company has lost about 80 percent of its stock market value over the past year. As a result, banks have mandated virtually all of its assets be pledged to cover current debt. That means the company can't borrow more and could face a liquidity crisis in 2009, the union said...
Labels: trucking industry news USA
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