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TRUCKING INDUSTRY * USA - YRC deal includes 5 pct wage cut, 20pct stock option
Chicago,ILL,USA -Reuters -Jul 14, 2009: -- A tentative deal between YRC Worldwide Inc and the Teamsters union would require the U.S. truck company's workers to take a fresh 5 percent pay cut in return for options to buy 20 percent of stock, the union and YRC said on Tuesday... The Teamsters and YRC said the company would be able to cease pension-fund payments for up to 18 months... YRC said the agreement -- which has yet to be voted on by YRC's rank-and-file -- would save the company some $45 million per month, which would rise to $50 million per month in 2010... As part of the deal. the union also would get a seat on YRC's board of directors... The deal is contingent on YRC, the largest trucking company in the United States, reaching agreements with JPMorgan Chase and its other lenders, according to the document... (Photo from blog.fleetowner: trucker5)
* JB Hunt Transport 2Q Net Falls 52% On Pricing
New York,NY,USA -The Wall Street Journal -July 14, 2009: -- J.B. Hunt Transport Services Inc. posted a 52% drop in second-quarter profit as pricing remained a challenge, but the company said it saw signs of improved demand after three years of softness... The freight-transport sector has been under pressure as demand drops and possible regulation looms over rail rates. But KeyBanc analyst, Todd C. Fowler, in June raised his price target on J.B. Hunt's stock, citing gradually improving industry freight activity... (Photo from encyclopediaofarkansas: Courtesy of J.B. Hunt Transport Services, Inc - The intermodal -rail- service of J. B. Hunt Transport Services, Inc., which has come to comprise a larger portion of the company’s business than trucking. 
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* CSX Profit Falls 20 Percent to $308 Million
Jacksonville,FL,USA -The Journal of Commerce, by John D. Boyd -Jul 13, 2009: -- Top line sales fall 25 percent, but CEO sees bottoming in various parts of market... CSX Transportation saw revenue fall 24.8 percent and net profit drop 20 percent on a sharp decline in shipping in the second quarter, but the railroad still managed a $308 million profit and said it may have reached the bottom of the economic slide... The quarter ending June 26 saw revenue reach $2.2 billion. The railroad cut its operating expenses 27 percent, in part from a 10.2 percent cut in its workforce, which declined by 3,384 employees... (Photo from nationalcorridors)
* Heartland Profit Grows, But Outlook Dim
North Liberty,IA,USA -
The Journal of Commerce, by Marcy Behrmann Frank -Jul 14, 2009: -- Truckload carrier sees operating efficiency improve sharply from last year... Truckload carrier Heartland Express defied the economic downturn with a 2 percent boost in net profit in the second quarter, but the carrier said July 14 it sees little improvement in the economy and no “strong indicators” demand for freight services will increase in the near term... The company earned $17.6 million during the quarter that ended June 30, up from $17.2 million during the same period last year... Operating revenue for the quarter fell 28.9 percent to $117 million from $164.6 million in the second quarter of 2008, driven down by a reduction in fuel surcharge revenue and the continued economic downturn’s pressure on freight rates... (Photo from hankstruckpictures: Heartland frtlnr Norwood)
Labels: trucking industry news USA
posted by Unknown @ 11:01 AM
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