YRC delays earnings release, negotiating with Teamsters
YRC Worldwide Inc., the Kansas-based owner of midstate trucking operations, said last night it's delaying its third-quarter earnings release until next week while it negotiates with its Teamsters unions and updates them on its financial situation.
“An extension of our (Teamsters) contract beyond the expiration is an important step in providing our customers the service they deserve and have grown accustomed to and providing our employees long-term job stability, competitive industry-wide wages and outstanding healthcare benefits,” James Welch, YRC Worldwide CEO and YRC Freight president, said in a statement.
Just over three years ago, YRC cut a deal with its unions for wage and pension concessions as part of its company-wide restructuring to remain in business. That deal extended the Teamster contracts until March 2015, with partial pension contribution restarting in 2011.
The Teamsters were angered in May when they learned that YRC had made an offer to buy competitor Arkansas-based ABF Freight Systems in the middle of the Teamsters negotiations with that company for new contracts. Teamsters General President James P. Hoffa issued a statement then calling the move “unconscionable” when YRC had not yet met its obligations to restore wage and pension contributions, according to the union.
The Teamsters represent more than 26,000 YRC employees, including workers at its Lebanon-based subsidiary New Penn Motor Express Inc. and workers at its distribution facilities in Cumberland County.
YRC’s second quarter was better than a year ago. It continued to cut its losses from nearly $23 million to just $15 million and was in the process of an optimization plan to streamline its logistical operations for YRC Freight.
YRC said it will release its third-quarter results Nov. 12. The company trades its stock on the Nasdaq under the ticker symbol YRCW. Early-morning trading saw its share price drop more than 5 percent. Analysts are estimating a per-share loss of 46 cents, according to Yahoo Finance.