YRC Freight set to add 200 drivers
May 16, 2012
YRC Freight, the largest unit within less-than-truckload (LTL) transportation services provider YRC Worldwide, said this week it plans to hire 200 qualified over-the-road drivers in several cities.
Company officials said that the new drivers will primarily be in: in Maybrook, NY; Buffalo, NY; St. Paul, MN; Chicago, Il; Salt Lake City, UT; Akron, OH; Cleveland, OH; Cincinnati, OH; North Indianapolis, IN; Charlotte, NC; Jackson, MS: Albuquerque, NM; and Kansas City, MO.
YRC Freight President Jeff Rogers said in a statement that this decision to add drivers is due to the fact that “YRC Freight is growing and our volumes are building.”
The company added that YRC Freight offers drivers full paid health care benefits and vacation time, adding that drivers are paid union contract pay rates. It also noted that all equipment is provided and maintained by the company and all fuel cost is paid for by the company.
Earlier this month, the Overland Park, Kan.-based carrier reported that its quarterly consolidated operating revenue—at $1.194 billion—was up 6.4 percent annually, while its consolidated operating loss—of $48.8 million—included an $8.4 million loss on asset disposals.
And just prior to that YRCW announced it reached agreements with its lenders to reset certain financial covenants over the life of millions of dollars worth of loans. YRC said its lenders agreed to allow the carrier to retain all proceeds from the auction of certain surplus properties and terminals. YRC added that new lending agreements were supported by all of its term credit agreement lenders and all of its ABL credit agreement lenders.
YRC has lost more than $2.6 billion in the last five years.
Since the depths of the recession in 2009, when LTL carriers ostensibly lost much of its pricing power, the pendulum has been slowly working its way back into the favor of LTL carriers. While YRCW has a ways to go still before it is financially solvent, this quarterly performance continues a positive trend in that its losses in recent quarters continue to narrow.
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