USFreightways sees lower 4Q earnings and charges

Feb. 1, 2002
Chicago-based LTL carrier USFreightways Corp. (USF) saw its earnings decline in the fourth quarter of 2001 relative to the same period in 2000, before taking several million in charges to restructure its logistics subsidiary from two operating units into one. USF said its earnings in the fourth quarter of 2001 dropped to $10.3 million – down from $23.7 million in the fourth quarter of 2000. The carrier
Chicago-based LTL carrier USFreightways Corp. (USF) saw its earnings decline in the fourth quarter of 2001 relative to the same period in 2000, before taking several million in charges to restructure its logistics subsidiary from two operating units into one.

USF said its earnings in the fourth quarter of 2001 dropped to $10.3 million – down from $23.7 million in the fourth quarter of 2000. The carrier took a charge of $2.7 million in the fourth quarter of 2001 to cover restructuring costs in its logistics division. Revenue for the fourth quarter of 2001 also declined, dropping to $594.8 million from $643.7 million in the fourth quarter of 2000.

For 2001, USF’s earnings totaled $43.4 million before the $2.7 million worth of special charges taken in the fourth quarter and $5.9 million in charges from the third quarter are factored in. That’s down from the $97.8 million the carrier earned in 2000. Revenue for 2001 also slipped, dropping to $2.46 billion, down from $2.54 billion in 2000.

About the Author

Sean Kilcarr | Editor in Chief

Sean reports and comments on trends affecting the many different strata of the trucking industry -- light and medium duty fleets up through over-the-road truckload, less-than-truckload, and private fleet operations Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

Sponsored Recommendations

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

How to Choose the Right Route Planning Solution

This free buyer's guide will help equip you with the knowledge and insights needed to analyze route planning software and vendors in the market and, ultimately, make an informed...

How to Put Your Trucking Data to Work

How fleets can overcome data overload to optimize operations and get ahead.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!