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."

Get Advice Join TDU Donate

Recent News

Carhaul Teamsters United for a Good Contract

The carhaul national master agreement expires on May 31, with no word yet from the International Union on plans, union demands, or even proposal meetings for membership input.  

Labor Rallies Behind the PRO Act

Congress is debating legislation that bans “right to work” laws and makes it easier for workers to organize by ending employer interference and intimidation in union drives. The PRO Act stands for Protect the Right to Organize and labor is uniting to win its passage.

View More News Posts