USFREIGHTWAYS WILL CUT JOBS, SEES REDUCED FIRST-QUARTER PROFIT
USFreightways Corp., the Chicago-based operator of regional trucking companies, said Friday it plans a significant reduction of employees, and anticipated its first-quarter profit will miss analysts' projections.
The company blamed the U.S.’s economic slowdown and terrible weather on the nation’s roads in the first quarter for profits falling “very substantially” below estimates, a company statement said.
All of its business units have been hurt this quarter, the company noted. It expects lower revenue and volume in its logistics, less-than-truckload, reverse logistics and freight-forwarding units.
USFreightways had annual sales of $1.94 billion in 2000. Last June, former Transportation Secretary Samuel Skinner became the company’s chief executive officer, succeeding J.C. “Cam” Carruth.