Yellow Corporation Provides Quarter-To-Date Operating Data for First Quarter 2022

Rhea-AI Summary

Yellow Corporation (NASDAQ: YELL) reported its operating metrics for January and February 2022, indicating significant declines in key performance indicators. Shipments per workday dropped by 12.5% and 22.9%, respectively, while tonnage per workday decreased by 15.9% and 27.4%. Despite these declines, revenue per hundredweight and revenue per shipment saw improvements with 25.1% and 20.2% in January and 33.8% and 26.0% in February. CEO Darren Hawkins noted that the company is on track to complete its transformation to One Yellow in 2022, aiming for a fully integrated network.

Positive

• Revenue per hundredweight increased by 25.1% in January and 33.8% in February.
• Revenue per shipment rose by 20.2% in January and 26.0% in February.
• The transformation to One Yellow is on schedule for completion in 2022.
• Operations fully reinstated despite earlier impacts from Covid-19 and weather.

Negative

• Shipments per workday fell by 12.5% in January and 22.9% in February.
• Weight per shipment decreased by 3.9% in January and 5.8% in February.
• Tonnage per workday dropped by 15.9% in January and 27.4% in February.

NASHVILLE, Tenn., March 09, 2022 (GLOBE NEWSWIRE) -- Yellow Corporation (NASDAQ: YELL) reported certain operating metrics for the first two months of first quarter 2022.

For Yellow less-than-truckload (LTL), the percent change 2022 from 2021:

	Shipments per Workday		Weight per Shipment		Tonnage per Workday		Revenue per Hundredweight(a)	Revenue per Shipment(a)
January	(12.5)%		(3.9)%		(15.9)%		25.1%	20.2%
February	(22.9)%		(5.8)%		(27.4)%		33.8%	26.0%
QTD	(17.5)%		(4.7)%		(21.4)%		28.8%	22.8%

(a) Includes fuel surcharge

“Financial results for the first two months of the quarter are improved compared to a year ago even though terminal operations were impacted from Covid-19 cases and weather during January and February,” said Darren Hawkins, Chief Executive Officer of Yellow Corporation. “February’s tonnage decline was primarily impacted by limited terminal operations in select markets that lasted a few days attributable to these events. All Yellow operations are fully reinstated while demand for LTL service remains high and we continue to execute our strategy to improve profitability of the freight moving through our network.”

“Our goal to complete the transformation to One Yellow in 2022 remains on schedule. We are nearing completion of the design and modeling phase of the linehaul network integration to support both regional and long-haul service as well as streamline local pickup and delivery to eliminate duplication. When completed we will operate a fully integrated network with the speed, efficiency and consistency of a super-regional carrier,” 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 Corporation has one of the largest, most comprehensive logistics and less-than-truckload (LTL) networks in North America with local, regional, national, and international capabilities. Through its teams of experienced service professionals, Yellow Corporation offers industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial, and retail goods with confidence. Yellow Corporation, whose principal office is in Nashville, Tenn., 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 operating metrics for the first quarter of 2022?

In January 2022, shipments per workday declined by 12.5%, while February saw a drop of 22.9%. Tonnage per workday also decreased, with a 15.9% drop in January and 27.4% in February.

How did Yellow Corporation's revenue metrics perform in the first two months of 2022?

Revenue per hundredweight improved by 25.1% in January and 33.8% in February, while revenue per shipment increased by 20.2% in January and 26.0% in February.

What challenges did Yellow Corporation face in early 2022?

The company experienced operational disruptions due to Covid-19 cases and adverse weather conditions affecting terminal operations during January and February.

Is Yellow Corporation on schedule with its strategic transformation?

Yes, Yellow Corporation is on track to complete its transformation to One Yellow by 2022, aiming to integrate its linehaul network and enhance service efficiency.