With many data points sitting at cycle highs, several industry participants are calling for the trucking market’s bull rally to last well into 2021.
YRC Worldwide reported trends worse than its competitors for the first two months of the third quarter. Recent postings show the carrier is moving forward on its turnaround by rationalizing its terminal network.
ArcBest’s results for the first two months of the third quarter confirm recent positive updates provided by other less-than-truckload carriers.
ArcBest, Crane Worldwide, Fullen Dock & Warehouse, Grupo TMM, Premier Manufacturing, Southeastern Freight and United Airlines announce promotions and hires.
Declines in Cass freight data continue to outpace the industry by a considerable margin. The firm sees improved results on the horizon.
YRC Worldwide expands regional next-day service throughout the South. The announcement follows similar expansion plans from competitors.
Cost initiatives and spot market freight ease the impacts of a choppy pandemic-impacted freight market. ArcBest’s improving trends lead to reinstated wages and benefits.
ArcBest’s second quarter result, a $0.67 per share profit, was much better than analysts’ forecasts for a break-even performance. The company will restore salary and benefit cuts.
Several other companies cited in overall bullish report
Deutsche Bank geofencing data shows the less-than-truckload recovery off of an April bottom spills into June.
YRC’s $700 million loan from the Treasury Department raises concerns from industry experts about the survival of the company and whether the deal is worth it.
YRC Worldwide’s midquarter report was worse than that of its peers and adds to industry speculation that some shippers could be avoiding the carrier.
ArcBest joins other less-than-truckload carriers seeing a May rebound from April lows. A 10% stock bump from a rating upgrade holds into the second trading session.
Less-than-truckload demand appears to have bounced off of an April bottom according to reports from carriers.
Stifel’s David Ross announces that he is suspending his rating and estimates on YRC Worldwide and questions the company’s ability to survive.
ArcBest managed through the first quarter largely unscathed by the coronavirus outbreak. That has all changed in April as revenue is off 20% year-over-year.
ArcBest sees “one of the best first quarters” in company history, but COVID-19-related demand headwinds took a toll on April’s results.
With the belt tightened at YRC, a covenant waiver and benefits contribution deferral are still required.
ArcBest battens the hatches on coronavirus concerns. The company draws down available credit and implements business continuity plan.
P.A.M. Transportation says it has temporarily laid off approximately 75 employees as auto plant closures increase.
