Less-Than-Truckload

YRCW officials said that as detailed in its most recent Form 10-K, as it progresses through its previously discussed enterprise transformation, “the company will be reporting its five brands, which were formerly reported as two segments, now as one company on a consolidated basis.”

YRC Freight Regional Next-Day Texas service will now include Fort Worth and Garland, with company officials noting that this service expansion marks the most recent step in the YRCW enterprise network optimization strategy.

Tampa, Fla.-based non asset-based 3PL BlueGrace Logistics announced this week it has acquired freight broker Anthym Logistics. This represents the company’s first external transaction since partnering with Warburg Pincus, a private equity firm, in 2016, which was done to leverage investment capital to help drive growth for BlueGrace.

ODFL reported that revenue per day dropped 1% from February 2019 to February 2020, which the company attributed to a 5.2% decrease in daily tonnage that was partially offset by an increase in LTL revenue per hundredweight.

January shipments—at 1.022—fell 9.4%, marking its largest annual decline going back to 2009, while also dropping 2.9% compared to December, and January expenditures—at 2.568—fell 8% annually and were down 5.7% compared to January 2019.

Fourth quarter revenue—at $4.14 billion—was off 6% annually, but net income attributable to common shareholders—at $96 million—was up 14%.

YRC’s total revenue for last year fell 3.4% to $4.871 billion from $5.092 billion in 2018. YRC reported consolidated operating revenue for fourth quarter 2019 of $1.16 billion and consolidated operating income of $9.8 million. By comparison, in the fourth quarter 2018, YRC reported operating revenue of $1.247 billion and consolidated operating income of $55.1 million.

FreightWeb is financially backed by Madrona Venture Group and 8VC, with the latter having also backed Flexport, Flexe and other logistics technology-focused companies. The company is led by Will Payson, whom serves as co-founder and CEO, and its team has a combined 50 years of logistics experience in previous leadership roles at FedEx and Amazon, as well as various carriers and brokerages.

Quarterly revenue, at $20.5 billion, headed up 3.6% annually, and adjusted earnings per share, at $2.11, was up 8.8% matched Wall Street estimates in the $2.10-$2.11 range. Full-year 2018 revenue rose 3.1% annually to $74.1 billion, which UPS said was paced by strong volume growth in its U.S. domestic segment and the impact of successful execution from all segments.

YRC Freight said that it has introduced a new next-day service entitled YRC Freight Regional Next-Day Texas, that moves freight within Texas on a next-day basis.

YRC reported consolidated operating revenue for first quarter of $1.182 billion and a consolidated operating loss of $31.7 million, which included a $1.6 million net loss on property disposals. By comparison in the year-ago quarter, YRC posted operating revenue of $1.215 billion and consolidated operating loss of $4.3 million. That loss included a $3.2 million net loss on property disposals.

The Teamsters said that this contract raises wages, restores a week of vacation, and protects benefits. This contract covers roughly 25,000 YRC Freight workers at its YRC Freight Holland, and New Penn subsidiaries and was approved by a 60% to 40% margin. While the votes are in, the contract will not go into effect until the YRC Freight Teamsters Joint Council 40, who rejected the contract, has the required votes.

Following the late March update that YRC Freight the largest subsidiary of less-than-truckload (LTL) transportation services provider YRC Worldwide, and the Teamsters National Freight Negotiating Committee (TNFINC) had come to terms on a tentative agreement in principle for a new collective bargaining agreement, YRC Teamsters this week at its YRC Freight Holland, and New Penn subsidiaries, with the exception of one local unit, this week unanimously voted to endorse the tentative National Master Freight Agreement.

ODFL said that its service centers are strategically placed and built with best-in-class technology, and reduce shipping time, increase daily volume, and enhance delivery flexibility.

In a financial development that shocked the trucking industry, 101-year-old New England Motor Freight and 10 related subsidiaries (including truckload giant Eastern Freightways) voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey in Newark on February 11.