[Stay on top of transportation news: Get TTNews in your inbox.]
Yellow Corp. reported an increase in net sales and a reduction in net loss in the second quarter.
Underland Park-based airlines with less than truck load increased net revenue by 29.3% over the three months to June 30, compared to $ 1.01 billion in the second quarter of 2020. He said it was $ 1.31 billion. Last year’s net loss was $ 37.1 million, minus $ 1.09 per share, while the net loss was $ 9.4 million, or minus 18 cents per share. Wall Street analysts polled by StreetInsider.com expected an EPS loss of 14 cents per share.
Yellow utilization increased from 100.5 a year ago to 97.9. Occupancy measures a company’s operating costs as a percentage of revenue to determine efficiency. The lower the ratio, the higher the ability of the company to make a profit.
The company’s leaders backed the second-quarter results, and Yellow’s financial position is to integrate four regional carriers into one technology platform and operate under what they call “One Yellow.” He said he expects it to improve after this year.
“We are making steady progress towards One Yellow and the multi-year transformation is on track,” CEO Darren Hawkins said in a statement. “Currently, two companies are operating on the One Yellow technology platform, and the conversions for the other companies are expected to be completed by the end of the year. By migrating to a single technology platform, a fully integrated network is ready. Is ready. “
Yellow has hired and trained drivers across the country. Purchased transportation costs due to the surge in freight increased by 69.9% year-on-year to $ 210.3 million, up from $ 126 million in the previous year, according to company officials.
“At this point, the ideal is to have more linehole drivers,” Hawkins said in a conference call with investors on August 4. “We have made great progress in city management, but we still lack drivers on the road and are using the lanes we purchased in lanes where we don’t want to use transportation. Recruitment Initiatives and the United States. Through the laborers getting off the bench, our recruiting team has seen some great additions in the last couple of weeks. It’s about expanding that linehole driverpiece, where more You can get away from some of the expensive PTs. “
In 2020, Yellow received $ 700 million in two federal loans under the Coronavirus Assistance, Relief and Economic Security Act of $ 2.2 trillion. The company is using the money to upgrade its fleet.
“We continue to invest in Yellow, one of the largest capital investment plans in the company’s history,” said Hawkins. “By the first half of 2021, we had purchased more than 1,800 tractors, 2,200 trailers and 400 containers. This investment will improve safety, improve fuel efficiency, reduce maintenance costs and reduce maintenance costs. It is hoped that our commitment to sustainability will be strengthened. “
“We were able to maintain a strong liquidity position during the second quarter and narrow our fixed investment guidance for 2021 from $ 450 million to $ 550 million and from $ 480 million to $ 530 million. I did. “
Yellow reported $ 143.8 million in second-quarter capital investment, compared to $ 11.7 million in the second quarter of 2020.
Yellow Corporation ranked 8th NS Top 100 List of Transport Topics Largest Employment Careers In North America.
Want more news? Listen to today’s daily briefing below Or for more information, please click here.
https://www.ttnews.com/articles/yellow-narrows-year-over-year-loss-94-million-q2 Yellow Narrows lost $ 9.4 million year-on-year