YRC Worldwide Schedules First Quarter 2020 Earnings Conference Call
| Source: YRC Worldwide, Inc.
OVERLAND PARK, Kan., May 04, 2020 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ: YRCW), announced today that it has rescheduled its conference call to discuss first quarter 2020 results to Monday, May 11, 2020, at 5:00 p.m. ET, to align with its scheduled Form 10-Q release. The financial results will be released the same day, May 11, 2020, after the market closes.
The call will be webcast and can be accessed live or as a replay via the YRC Worldwide website yrcw.com.
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland Park, Kan., is the holding company for a portfolio of less-than-truckload (LTL) companies including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company HNRY Logistics. Collectively, YRC Worldwide companies have one of the largest, most comprehensive logistics and LTL networks in North America with local, regional, national and international capabilities. Through their teams of experienced service professionals, YRC Worldwide companies offer industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence.
Please visit our website at www.yrcw.com for more information.
| Investor Contact: | Eric Birge |
| 913-696-6108 | |
| investor@yrcw.com | |
| Media Contact: | Mike Kelley |
| 913-696-6121 | |
| mike.kelley@yrcw.com |
SOURCE: YRC Worldwide
YRC union workers in Maybrook vote no to extending contract
The 425 employees at YRC Worldwide’s shipping hub in Maybrook are among the company’s 32,000 workers waiting for the proverbial other shoe to fall.
The 425 employees at YRC Worldwide’s shipping hub in Maybrook are among the company’s 32,000 workers waiting for the proverbial other shoe to fall.
Will management work out agreements with lenders to get out from under a mountain of debt? Will the company approach the International Brotherhood of Teamsters to negotiate labor concessions? Will the company file for bankruptcy, leaving everyone’s job at risk?
Those are some questions remaining after union members voted against extending a contract that cut wages and benefits. The company said it needed the extension to secure more than $1 billion of financing. Ballots were counted Thursday after about a month of voting.
The company’s common stock (Nasdaq: YRCW) fell $2.09 Friday to close at $13.58. It plunged nearly 30 percent this week, as it became apparent the contract would be voted down.
“The feedback has been, ‘What happens now?’” said Kevin McCaffrey, president of Teamsters Local 707, which represents the Maybrook workers as well as others on Long Island, New York City and Mount Vernon.
The local supported the extension 287 votes to 184, while nationally it was rejected 61 percent to 39 percent.
“I don’t know what’s going to happen,” McCaffrey said Friday. “I expect we’ll know more next week.”
Extending the contract would have continued a 15 percent pay cut into 2019, a decade after the Teamsters initially agreed to it. Cuts to pension and other benefits were also approved in three earlier votes.
“Our members have sacrificed billions of dollars in wages and pension benefits over the past five years, and yet the company has been unable to recover from the disastrous policies of the previous management,” said Jim Hoffa, the Teamsters’ general president and co-chairman of the union’s National Freight Industry Negotiating Committee, in a prepared statement Friday.
YRC Worldwide CEO James Welch blamed the outcome on the timing of the vote.
“Many employees had already returned their ballots prior to December 23, the date the company announced it had a refinancing agreement in place,” Welch said in a statement. “We believe that was information employees needed to make a fully informed decision.”
John Kelder of Callicoon, a driver for the company for 28 years, was optimistic that the company would survive.
“I don’t think they’re going to close,” Kelder said.
“To me, that was just a scare tactic. The banks will probably come back with a different deal.”
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