YRC hits snooze on earnings announcement

Kansas City Business Journal
November 07, 2013

YRC Worldwide Inc. had originally been expected to release earnings last week, but then it scheduled them for Thursday. On Wednesday afternoon, the Overland Park based less-than-truckload carrier (Nasdaq: YRCW) delayed its quarterly financial report to Tuesday.

YRC cited its meeting with Teamsters in Dallas and the negotiations it hopes will follow, The Kansas City Star reports.

If YRC can negotiate an extended labor contract — or perhaps even a better one — with its union, YRC CEO James Welch said in a Oct. 30 letter to employees that "Our lenders have made it clear the combined company needs to be performing better than it is today, and that we need a labor agreement with our Teamster employees that extends beyond our current expiration and any new debt maturities, and increases our competitiveness, before any refinancing can be completed."

Teamsters previously agreed to a 15 percent cut in wages, suspension of pension payments and reduced vacation time for members. Welch recently wrote that "Management has asked the (Teamsters) to work with us to support our refinancing efforts as an important next step in our turnaround. The time is now. The closer we get to our debt payment due dates, the less control we have over our own destiny."


Be the first to comment

Please check your e-mail for a link to activate your account.
Get Advice Join TDU Donate

Recent News

ABF Contract Local-by-Local Results

Get the local-by-local vote count for the ABF master contract and every supplement. Click here to view.

An Ugly Start to Electronic Voting

It was an ugly start for electronic voting on national contracts. For the first time in more than a decade, the Hoffa administration tried to deny members and vote count observers the right to see the ballot count results from each local union. But after a week of delays and inquiries by TDU attorney Barbara Harvey, the IBT relented, and turned over the ABF vote totals to TDU's designated observer John Palmer.

View More News Posts