YRC, Arkansas Best chiefs say economy has bottomed out. Oil still 'wild card'
YRC Worldwide Inc.'s chief executive officer said the U.S. economy ''has stabilized'' and Arkansas Best Corp.'s CEO said the ''longest'' freight recession isn't worsening, as the trucking companies contend with reduced demand.
The remaining ''wild card'' is the price of oil, which is straining customers, YRC's Bill Zollars said Wednesday at a Merrill Lynch & Co. conference in New York. Crude oil has surged 40 percent in New York trading this year.
''This has not been the worst recession I've seen in my 36 years, but I think it's been the longest,'' Arkansas Best's Robert Davidson said at the same conference. ''It's not getting any worse, but it's not getting any better.''
YRC, the biggest U.S. trucking company which has Roadway operations based in Akron, and competitors such as Arkansas Best that carry freight from more than one customer in each trailer have struggled because of a drop in demand for freight hauling that began in October 2006. Full Story........
No comments:
Post a Comment