The Dumpster Fire Burns Brighter Than Ever

Discussion in 'LTL and Local Delivery Trucking Forum' started by Opus, May 11, 2022.

  1. Opus

    Opus Road Train Member

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    Less-than-truckload carrier Yellow Corp. reported its best first quarter in six years, (just wow).

    Yellow (NASDAQ: YELL) reported a net loss of 54 cents per share in the first quarter, which was less than half the loss recorded in the 2021 first quarter but worse than the consensus estimate calling for a 41-cent-per-share loss.

    Annnnnndddddd.......the killer shot
    Yellow ended the quarter with $277 million in available liquidity, compared to $423 million a year ago. Outstanding debt increased 10% year-over-year to $1.61 billion.

    The only thing these people know how to do is spend money.......Just SMH

    Yellow Corp. trims losses in Q1, says terminal closures will cut costs - FreightWaves
     
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  3. blairandgretchen

    blairandgretchen Road Train Member

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    I've only been in this game 18 years, 8 in the LTL field - and YRC is the . . . well - I think your thread title covers it.

    What the hell is going on with this place?

    Edit - 99.3% OR is trash. Just trash. Barely surviving. Who is propping this up?
     
    bumper Jack and bzinger Thank this.
  4. drvrtech77

    drvrtech77 Road Train Member

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    They received recently in 2020 a $700 million taxpayer bailout which i wholeheartedly disagree with…companies should prosper or fail on their own.
     
  5. Arctic_fox

    Arctic_fox Road Train Member

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    Agreed. If you give a company with so much bloat or such bad business practices that even when freight is booming they still lose money even more money.....what do you think is going to happen? They will blow the cash injection fatten their golden parachutes on our dime bring in a new set of patsys in the form of CEOs and the like a couple years before the enivitible collapse to take the heat and walk to the bank cackleing the entire way.

    If a company cant keep their doors open then let the axe fall so a new smarter company(s) can take over.
     
  6. LTL Bull

    LTL Bull Medium Load Member

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    Dollar Bill Zollars still screwing things up!


    BILL ZOLLARS - THE WORST CEO IN THE HISTORY OF LTL TRANSPORTATION HAS DEPARTED
    POSTED ON AUGUST 01, 2011
    August 1, 2011: Bill Zollars, the worst CEO in the history of LTL transportation has finally left the building but what he has left behind still lingers as an ongoing concern. Despite the town-hall meeting celebration that took place on Friday, YRCW really has nothing to celebrate. They are not out of the woods yet. Someday they will have to show a profit. Rumours for the past month internally and externally was that YRCW made a profit, but they didn't. They lost 38.7 million dollars. Sure they lost less money than they did in the first quarter, but they still haven't posted a profit in four years. It's ridiculous that this company spins its ills as thrills of greatness.

    not to mention a Union that constantly gives concessions to YRCW
     
    Last edited: May 11, 2022
  7. Bob Dobalina

    Bob Dobalina Road Train Member

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    Here are several stories about what happened regarding that $700 million government bailout:

    YRC Worldwide Inc.

    Typical corrupt corporate welfare using the levers of power to fill up their cronies' pockets. Depending on your politics or critical thinking ability, you'll either 1) agree that the whole deal was as dirty as it gets, or 2) stick your head in the sand and call it fake news (otherwise known as "shooting the messenger").
     
  8. LTL Bull

    LTL Bull Medium Load Member

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    The deal was dirty, as everything Union leadership touches is dirty. The traditionally democrat supporting teamster leadership has been dirty for years and it is ignored by the media. They happen to support someone they don’t like, then it’s news.
     
  9. LTL Bull

    LTL Bull Medium Load Member

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    YRCW’s problems have far more to do with Dollar Bill Zollars and corrupt Teamster leadership than a measly 700 million dollar loan. It started with deregulation initiated by Carter and signed by Reagan
     
  10. road_runner

    road_runner Road Train Member

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    Right now they are merging terminals. This quarter they are working the west coast merging Reddaway and YRC. New Penn and Holland are towards the end of the year.

    I am skeptical if I will have a job. They are bringing ten people in once they close the YRC barn down across the city. My friends and myself won't have enough seniority to survive this.

    You'd think that the people above me would breath a sigh of relief, but the reality is everyone is seeing the writing on the wall. This thing is falling apart fast and nobody wants to admit it.
     
  11. LTL Bull

    LTL Bull Medium Load Member

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    I feel your pain. I was in the same scenario when ABF brought/merged with CFCC. Left there and spent time at CF, saw the handwriting on the wall and moved on. Good luck to you
     
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