YRC Worldwide Inc.’s top executives made more in 2013 than they did in 2012, according to a Securities and Exchange Commission filing.
Rebuilding Teamster Power in Freight
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Frank Rogers, Yellow, Local 41, Kansas City
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Late last month, YRC Worldwide reported adjusted 2013 EPS of ($5.09), versus the Street's ($11.17) estimate and our ($6.70) estimate, and in this note, we are updating our earnings model for the refinancing and recent results.
The Federal Motor Carrier Safety Administration on Thursday unveiled its proposal to require interstate commercial truck and bus companies to use Electronic Logging Devices in their vehicles to improve compliance with the safety rules that govern the number of hours a driver can work.
March 10, 2014: Last week the top execs of YRCW each got an $800,000 bonus, as a reward for the concessions approved by Teamster employees and the subsequent debt refinancing.
UPDATED March 6, 2014: Two recent SEC filings reveal that James Welch, CEO of YRCW, sold 93,750 shares of company stock and made $2,329,358.
February 28, 2014: YRCW announced their 2013 annual and fourth quarter numbers and it’s clear that the regional carriers are pulling their weight. Operating profits were up to $22.7 million in 2013 for the regionals – Holland, New Penn, and Reddaway - while YRC Freight posted a 2013 loss of $15.4 million. YRC claimed losses due to weather, workers’ compensation claims, and weaker rates.
February 21, 2014: Over sixty Teamsters attended a February 15 meeting near St. Louis to hear Paul Taylor, lead attorney for the Truckers Justice Center, speak on truck safety issues.
February 19, 2014: YRC, New Penn, and Holland Teamsters all have a “clean slate” going forward from February 9, 2014 when it comes to documented absences.
February 11, 2014: Recent YRCW SEC filings reveal a payment of $5.5 million to MAEVA Group. See Item 16 in the link for the SEC filings. MAEVA is Harry Wilson’s company. Wilson, you may recall, is the Hoffa appointed trustee to the YRC Board.
YRC Worldwide Inc. said it has moved forward in the refinancing of its debt by completing a multi-step transaction worth about $300 million.