Freight slowdown
YRC Worldwide Inc. said the downturn in freight volumes afflicting it and the entire transportation sector does not appear to be ending any time soon.
“It looks like more of the same,” said YRC’s chairman and chief executive officer, Bill Zollars. “We don’t see it getting much better, and we don’t see it getting much worse.”
Zollars and YRC executives discussed the Overland Park transportation giant’s second-quarter financial results Friday morning with investment analysts. On Thursday, YRC reported a decline in earnings and revenues, posting net income of $55.37 million on $2.49 billion in revenues.
Zollars said the company has responded to the downturn by cutting costs. At YRC National Transportation, made up of the big carriers Yellow Transportation and Roadway Express, about 2,800 hourly workers are on furlough.
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