Yellow Corporation Provides Quarter-To-Date Operating Data for Second Quarter 2022
Yellow Corporation (NASDAQ: YELL) reported mixed operating metrics for April and May 2022, showing declines in key performance indicators compared to 2021. Shipments per workday fell by 14.3% in April and 16.2% in May, while tonnage per workday decreased by 17.0% and 17.2%, respectively. Revenue per hundredweight improved, with April at 30.0% and May at 28.8%. CEO Darren Hawkins expressed confidence in the company's strategic transformation, aiming for enhanced customer service and operational efficiency through the 'One Yellow' initiative, scheduled for completion by year-end.
- Revenue per hundredweight increased to 30.0% in April and 28.8% in May.
- The integration of four operating company networks into a single network ('One Yellow') is on schedule.
- The transformation is expected to enhance customer service and improve operational efficiency.
- Shipments per workday decreased by 14.3% in April and 16.2% in May compared to last year.
- Tonnage per workday fell by 17.0% in April and 17.2% in May.
- Weight per shipment showed a decline of 3.2% in April and 1.2% in May.
NASHVILLE, Tenn., June 09, 2022 (GLOBE NEWSWIRE) -- Yellow Corporation (NASDAQ: YELL) reported certain operating metrics for the first two months of second quarter 2022.
For Yellow less-than-truckload (LTL), the percent change 2022 from 2021 were:
| Shipments per Workday | Weight per Shipment | Tonnage per Workday | Revenue per Hundredweight(a) | Revenue per Shipment(a) | |
| April | (14.3)% | (3.2)% | (17.0)% | ||
| May | (16.2)% | (1.2)% | (17.2)% | ||
| QTD | (15.3)% | (2.2)% | (17.2)% |
(a) Includes fuel surcharge
“The quarter-to-date operating metrics for the second quarter are consistent with our expectations as we work to ensure the optimal level of freight is moving through the network,” said Darren Hawkins, chief executive officer. “With continued steady demand for LTL capacity and a consistent favorable pricing environment, our financial results for the first two months of the quarter have outperformed our historical sequential improvement from Q1.
“Our plan is to grow the business and we are confident that our transformation to One Yellow positions us for long-term tonnage growth. The integration of our four operating company networks into a single network with super-regional service remains on schedule. Phase one in the western U.S. is scheduled to be executed this summer with the entire network expected to be completed around the end of the year. We expect the One Yellow network transformation to enhance customer service, lead to greater efficiencies and cost savings and add capacity to the network,” concluded Hawkins.
Cautionary Note on Forward-Looking Statements
Certain matters contained in this Current Report on Form 8-K concerning expected future events and financial results constitute forward-looking statements and are based upon management's expectations and beliefs concerning such future events impacting the Company. There can be no assurance that these future events will occur as anticipated or that the effect on the Company's results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them. For a description of certain factors that could cause the Company's future results to differ from those expressed in any such forward-looking statements, see the risk factors that are included in our reports filed with the SEC, including those described under “Risk Factors” in our annual report on Form 10-K and quarterly reports on Form 10-Q.
About Yellow Corporation
Yellow operates one of the largest, most comprehensive logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Backed by a team of over 30,000 transportation professionals, Yellow’s flexible supply chain solutions and best-in-class expertise ensure the safe, timely delivery of industrial, commercial, and retail goods for customers of all sizes. Yellow’s principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics.
Please visit our website at www.myyellow.com for more information.
| Investor Contact: | Tony Carreño |
| 913-696-6108 | |
| investor@myyellow.com | |
| Media Contacts: | Mike Kelley |
| 913-696-6121 | |
| mike.kelley@myyellow.com | |
| Heather Nauert | |
| heather.nauert@myyellow.com |
FAQ
What were Yellow Corporation's shipment trends for April and May 2022?
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