YRC Worldwide has a comprehensive network in North America, and offers shipping of industrial, commercial and retail goods. 11465 Johns Creek Parkway Johns Creek, GA 30097 | 1-800-765-7242, Regional and interregional LTL, non-asset truckload service, and third-party logistics. The department said taxpayers are receiving "proper" compensation for the loan with the 30% equity stake in YRC. YRC has stared into a financial abyss before. Funding totaling $17 billion was set aside for businesses that are integral to maintaining the country's defense. Original review: Feb. 23, 2021. But at. The three carriers are specifically accused of reweighing thousands of shipments and not disclosing weights that were lighter than originally estimated, thus knowingly overcharging for shipments due to the inflated weights. Much of the alleged fraudulent billing occurred under former CEO Bill Zollars who was recently confirmed by the Senate to the United States Postal Service's Board of Governors. "On the positive side, it appears this loan will allow workers to have visibility on benefits, as well as allow YRCW to partly recapitalize its fleet/equipment," said Mehrotra. 3.2. The company's financial weakness caught the notice of Catherine Rampell, a syndicated columnist at The Washington Post who said in a Wednesday tweet, "US Treasury is giving a $700 million loan to YRC Worldwide, a troubled trucking company with a market cap of $70 million as of Tuesday's close.". Saia's stock closed on April 9 at $83.34, just under the one-month high of $83.86. YRC Freight reflects the Yellow Transportation (founded in 1924 in Oklahoma City, Oklahoma) purchase of and subsequent merger with Roadway (founded in 1930 in Akron, Ohio). What does FOB shipping point freight collect mean? However, a spokeswoman acknowledged that it was advised of the government loan and made changes to its own loan terms with YRC to accommodate it. This case should serve as a warning to any organization that enters into a contract with the federal government — if you try to rip us off, be prepared to pay a heavy price," said U.S. Attorney James P. Kennedy Jr. for the Western District of New York in a December 2018 statement. This was a sticking point for legislators as they hammered out the details of coronavirus relief, with multi-employer pension funding ultimately not making it into the final package. How much does a dock worker make at Saia? When YRC bought USF and a couple of Chinese companies, it changed their name to YRCW. The trucking company has kept its terminals union-free for 76 years. You don't have to register, sign in or even know the freight class. The "financial protection of the government" section of the act requires the Treasury Department to take an equity stake or a senior debt status on the new debt if the borrowing company's shares are traded on a national securities exchange. It raised a little money by selling its logistics business last month. Then Saia sold Jevic. Johns Creek, Georgia-based SAIA, Inc. (NASDAQ: SAIA) reported a 12.9% year-over-year decline in April tonnage, with May tonnage down only … Create one. Also, what does Saia Freight mean? The Treasury Department is prohibited from exercising voting power of any of the shares it owns. When Yellow and Roadway merged it formed a holding company YRC. The commission overseeing the distribution of federal money provided to businesses negatively impacted by the pandemic said that it has yet to hear from the Defense Department regarding a request for more information on its designation of less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) as a “business critical to maintaining national security.” What is the difference between freight in and freight out? Such actions are fraudulent and illegal. Further, YRC's midquarter update through the first two months of the second quarter implied revenue-per-day declines in the high-20% range during April and low-20% range during May. YRC Worldwide Inc. is an American holding company of freight shipping brands YRC Freight, New Penn, Holland and Reddaway. A Saia spokeswoman did not immediately respond to requests for comment. I'd choose SAIA before ABF or YRC. Over the past decade-plus, the company has restructured operations, renegotiated debt financing, sought wage and benefit deferrals, and even wiped out shareholders with dilutive debt-for-equity swaps, all on more than one occasion. Shares of YRCW surged 75% on news of the bailout, raising the company's market cap to $115 million by day's end. A debate on whether taxpayers were properly compensated for or protected from the risk is likely to ensue. Harrell in 1924. "YRC is a leading provider of critical military transportation and other hauling services to the U.S. government and provides 68% of less-than-truckload services to the Department of Defense. YRC was formerly Yellow Transportation prior to re-branding. Also know, is Saia a trucking union? Johns Creek, Georgia-based SAIA, Inc. (NASDAQ: SAIA) reported a 12.9% year-over-year decline in April tonnage, with May tonnage down only 8.8%. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. LTL carrier Saia readies more Northeast terminals William B. Cassidy, Senior Editor | Jun 13, 2017 5:03PM EDT "We’re not going to go chase your pallet-rate customer,” Rick O'Dell says as Saia looks to add long-haul volume, density through Northeast expansion. What is the best LTL company to work for? As part of the deal, YRC will be required to issue the Treasury Department shares of common stock, which YRC expects will equate to a 29.6% equity stake in the company. The lawsuit claims the defendants made false statements to win business from the Defense Department and to avoid correcting inflated invoices and returning excess payments. How much money does YRC Worldwide make? When YRC bought USF and a couple of Chinese companies, it changed their name to YRCW. This loan will enable a critical vendor to the Department of Defense to maintain significant employment while providing appropriate compensation to taxpayers," said Mnuchin. By comparing employers on employee ratings, salaries, reviews, pros/cons, job openings and more, you'll feel one step ahead of the rest. Apparently Saia has a program in which you work the docks on 3rd shift loading and unloading freight using a forklift and after 90 days your eligible for cdl training that is 4 weeks. The loan's placement under the umbrella of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is intended to help businesses survive the economic downturn caused by COVID-19 and maintain employment for their workers, is only drawing more scrutiny. One issue is whether the loan to YRC will be seen as a backdoor government bailout of underfunded pension plans that are in critical or declining status as they carry more pensioners receiving benefits than employers making contributions. The commission’s report notes that … Don't have a Benzinga account? Beside above, what does Saia Freight mean? The agreement will include provisions for YRC to maintain certain employment levels and limit executive pay. Personally, I'd look at Old Dominion, Estes, or FXF. How many terminals does YRC Freight have? YRC Worldwide has a market capitalization of $517.36 million and generates $4.87 billion in revenue each year. Yrc is a very easy job and pretty nice to work at if u don't like talking to people. On Wednesday, YRC Worldwide announced its latest lending agreement, a $700 million, two-tranche program that will allow it to make delinquent health and welfare and pension payments as well as fund capital expenditures for its tractors and trailers. Also to know is, is Saia a trucking union? Mike Kelley, a YRC spokesman, declined to comment. How much does Southeastern Freight pay drivers? This is certainly true for Yellow Roadway Corp (YRC) Trucking, which was a small bus and taxi company when it was founded by A.J. The result was worse than those of competitors ArcBest Corp. (NASDAQ: ARCB) and Old Dominion Freight Line, Inc. (NASDAQ: ODFL), which saw year-over-year revenue declines around 20% in April and in the mid- to high teens in May. If you want to work here do it temporarily or for the benefits Tanker Hauler. Does Hermione die in Harry Potter and the cursed child? The company listed "substantial doubt" about its ability "to continue as a going concern," in its first-quarter filing with the U.S. Securities and Exchange Commission on May 11. From the Treasury statement Wednesday: "We are pleased for Treasury to make this loan pursuant to the CARES Act. However if you have the unlucky roll of having bad co-workers they can make your life very hard and you can do little to combat this. What cars have the most expensive catalytic converters? The COVID-19 shutdown likely offered a rare opportunity for the industry to absorb nearly $5 billion of freight as most carrier networks had idle capacity and could likely bring it on with minimal supply chain disruption. LTL carrier, Roadway Express, was acquired by Yellow Transportation in 2003. Saia (Nasdaq: SAIA) dances in and out of red ink. YRC Worldwide, based in Kansas, may have had little other recourse than accepting the Treasury Department loan. It owns 77 facilities and leases 97 service centers. YRC's $28.3 million interest expense in the quarter eclipsed its $28 million in operating income, which had the benefit of the outsized gains on asset sales. The government alleges that YRC Freight, Yellow Transportation and Roadway Express inflated shipment weights, billed the Defense Department using improper rates and falsified statements in efforts to conceal their actions for a period of more than seven years. A Dimensional Freight Quote is a no-hassle quote, and it's EASY! Does anyone have any information regarding this particular program or a similar program. What's the difference between Koolaburra by UGG and UGG? The act appropriated $500 billion in lending for companies to bridge the COVID gap and keep employees on the payroll. Penske Automotive Group Inc. announced it entered into an agreement to acquire Kansas City Freightliner, a retailer of medium- and heavy-duty commercial trucks. YRC Freight Government Solutions Team: 800.610.6551 or email Government Logistics Yellow is proud to serve the United States government and provides dedicated personnel who work exclusively to create and manage transportation and logistics solutions that meet the needs of departments and agencies in the U.S. government. The carrier didn't provide yield metrics. Click for more FreightWaves articles by Todd Maiden. Don't forget about Estes, Old Dominion, ABF, YRC, UPSF and others. I haven’t seen any new equipment come through in over a year. Saia is an American trucking company, or a less than truckload (LTL) trucking company, that originated in Houma, Louisiana in 1924. That places the government in an odd position: It is both a stakeholder in and plaintiff against YRC. Saia is an American trucking company, or a less than truckload (LTL) trucking company, that originated in Houma, Louisiana in 1924. In a note to clients, Deutsche Bank (NYSE: DB) analyst Amit Mehrotra said, "On the critical side, the company's current position is not due to Coronavirus; instead, we see it as the product of a decade of underinvestment, as well as limited flexibility due to union representation in its workforce." In November 1999, the National Labor Relations Board filed a complaint against Saia, charging that the company illegally interfered with and tried to intimidate pro-union employees at the Grand Prairie terminal. While the $700 million financing will address some of the carrier's obligations ($345 million in lease and $231 million in pension and post-retirement liabilities), thereby improving its cost structure, the company still has roughly $880 million in debt to contend with and still operates from a structurally weaker operating position than its peers. What is the highest paid truck driving job? YRC lost the shipment, and railed the Tub to … They also own Holland Freight and New Penn Freight. Saia is an American trucking company, or a less than truckload (LTL) trucking company, that originated in Houma, Louisiana in 1924. Find the best companies in Transportation and Logistics category: Saia and Yrc Freight, Saia vs FedEx, Yrc Freight vs Central Transport statement on the lending agreement with YRC, declines around 20% in April and in the mid- to high teens in May, $70 million financing keeps Workhorse's share surge humming, Prologis confirms it's selling UK's ‘largest' warehouse portfolio ever, Amazon's real estate arm reportedly involved in several deals this week, 66 Stocks Moving In Friday's Mid-Day Session, 12 Industrials Stocks Moving In Thursday's After-Market Session, Privacy Policy / Do Not Sell My Personal Data. The Hot tub company arranged for YRC to ship my hot tub from AZ to WA. Entering the day, YRC's market capitalization, the total dollar value of its outstanding shares, stood at approximately $66 million. Originally named as the Yellow Cab Transit Co., the company had its named shortened to just Yellow Transit Co. about two years after it was established. YRC lists the amounts sought by the government as "unspecified," saying it has moved to dismiss the case for which it has "meritorious defenses and intends to vigorously defend.". YRC CEO Darren Hawkins was named to the President's Great American Economic Revival task force in April. Yrc is not only deferring payments to central states, but they have also deferred some interest payments to the bank for the remainder of the year. The best time to let YRC fail may have been during the pandemic as other consistently profitable LTL carriers were forced to jettison network capacity and workers to lower their costs as volumes sagged. The letter said YRC had sought further assistance under the CARES Act and that Sen. Jerry Moran, R-Kansas, and Mnuchin had specifically referenced the company's financial issues in a recent U.S. Senate banking hearing. In a Wednesday statement on the lending agreement with YRC, the Treasury Department asserted that the carrier is "critical to maintaining national security.". Your choices are not likely just limited to FXF or SAIA. Saia LTL Freight is most highly rated for Compensation and benefits and YRC Freight is most highly rated for Compensation and benefits. It's not the only way that YRC is revving up to stay alive, though. Tanker trucks are those big machines that haul liquid such as water or gasoline. This loan will enable YRC to maintain approximately 30,000 trucking jobs and continue to support essential military supply chain operations and the transport of industrial, commercial, and retail goods to more than 200,000 corporate customers across North America," the statement continued. This one stems from a Department of Defense complaint alleging overcharging for freight carrier services, "unjust enrichment or a payment by mistake" and "failing to comply" with contractual terms and government procurement rules. That raises questions about whether the loan is indeed simply a short-term bridge for a company that incurred financial misfortune due to pandemic-related shutdowns, and whether it is in fact integral to the nation's security. The transportation company earns $-104,000,000.00 in net income (profit) each year or ($2.44) on an earnings per share basis. I don’t like to be negative, but I am definitely concerned. Learn more, read reviews and see open jobs. 421 Saia LTL Freight reviews. Copyright 2020 FindAnyAnswer All rights reserved. Asked By: Arielle Skorsoba | Last Updated: 1st March, 2020, Estes system is more driver friendly, also you can earn more money per mile and per hour at Estes.