Yellow Corporation - YELL STOCK NEWS

Yellow Corporation (NASDAQ: YELL) faces challenges as the International Brotherhood of Teamsters (IBT) cancels a crucial hearing impacting its modernization initiative, One Yellow, essential for over 22,000 employees. Despite securing IBT approval for its Western operations in 2022, Yellow claims mischaracterization of its efforts by the union. The company emphasizes the importance of One Yellow for job security and the success of its extensive logistics operations, which serve 250,000 customers. Yellow urges the IBT to allow employee votes on proposed changes to ensure their future job security.

Yellow Corporation (NASDAQ: YELL) has announced that three of its freight professionals have been recognized in the Women In Trucking Association’s 2023 “Top Women to Watch in Transportation” list. This marks the fifth consecutive year that Yellow employees have received this honor, with a total of 33 individuals recognized since 2019. The selected professionals include Esther Parsons, Kelly Parish, and Ivelise Rodriguez. The recognition highlights their significant contributions and the company's commitment to promoting gender diversity in the trucking industry through programs supporting women's employment and leadership.

Yellow Corporation (NASDAQ: YELL) released its operating metrics for the first two months of Q1 2023. Notable changes included a significant decline in shipments per workday, which dropped by 18.1% in January and 2.5% in February, resulting in a quarter-to-date (QTD) decrease of 11.0%. However, revenue per hundredweight increased by 12.9% in January and 1.4% in February, leading to a QTD increase of 7.5%. Overall, tonnage per workday saw a decrease of 17.2% in January and 9.0% QTD, highlighting a challenging start to the year for the company.

Yellow Corporation (NASDAQ: YELL) recognized the outstanding achievements of its professional drivers, with 298 drivers hitting the milestone of driving over one million miles without a preventable accident in 2022. Notably, four drivers reached the remarkable four million mile milestone. This accomplishment is a testament to Yellow's commitment to safety, as it takes about a decade of experience to achieve such a record. CEO Darren Hawkins praised the dedication of Yellow’s drivers, emphasizing their leadership and focus on safety. Since 2008, over 361 drivers have achieved three million miles or more, highlighting Yellow's industry-leading safety standards.

Yellow Corporation (NASDAQ: YELL) reported a net loss of $15.5 million for Q4 2022, improving from a loss of $44.7 million a year prior. Despite a decrease in operating revenue to $1.200 billion from $1.309 billion, operating income was $40.3 million, including a $28.2 million net gain from property disposals. The full year 2022 saw operating revenue increase to $5.245 billion, up from $5.122 billion in 2021, with a net income of $21.8 million compared to a loss of $109.1 million.
Yellow reduced its long-term debt by nearly $100 million and reported stable yields in freight. The company continues to optimize its network to enhance efficiency and reduce costs.

Yellow Corporation (NASDAQ: YELL) will host a conference call on Feb. 9, 2023, at 4:30 p.m. ET to discuss its fourth quarter and full year 2022 financial results. The results will be released the same day after market close. Investors can access the call via the Yellow Corporation website. Yellow operates one of North America's largest logistics and less-than-truckload (LTL) networks, employing over 30,000 professionals. It provides diverse shipping services, ensuring efficient delivery of goods.

Yellow Corporation (YELL) has achieved its goal of graduating over 1,000 CDL apprentices from its Driving Academy program in 2022. The company expanded its program to 21 locations across 16 states, addressing the nationwide shortage of truck drivers. The milestone was reached with the graduation of six students from the South Bend, Indiana academy on December 22. Yellow has partnered with the U.S. Department of Labor to offer paid, tuition-free apprenticeship programs. Graduates receive mentoring from industry professionals while earning an hourly wage during their training.

Yellow Corporation has appointed Annlea Rumfola as its new Chief Information Officer, effective January 3, 2023. She replaces retiring CIO Jason Ringgenberg, who held the position since 2017. Rumfola brings 30 years of technology leadership experience from Cardinal Health, where she served as senior vice president of information technology. Her role at Yellow will involve overseeing all information technology teams and advancing the One Yellow Operating Platform to drive future growth. CEO Darren Hawkins expressed confidence in her abilities to innovate and enhance customer service.

Yellow Corporation (NASDAQ: YELL) revealed operating metrics for October and November 2022, showing significant declines in various categories compared to 2021. Shipments per workday decreased by 20.8% in October and 23.2% in November, while tonnage per workday fell by 23.9% and 24.8%, respectively. Despite these drops, the company aims to optimize its network, closing and selling excess facilities to enhance efficiency. A terminal was sold for approximately $31 million, yielding a $26 million gain. The CEO mentioned a favorable yield environment amidst moderated demand for LTL capacity.