Yellow Profits Up in Second Quarter
July 18, 2000
Yellow Corp. posted second quarter 2000 profits of $14.8 million, up from $13 million for the same period in 1999. Including a one-time after-tax gain at Yellow Freight, profits for the corporation were $23.5 million.
Total revenues for the period were $904.2 million versus $756.1 million a year ago.
Yellow Chairman, President and CEO Bill Zollars said that business was very strong at Yellow Freight System, the company’s largest subsidiary. Excluding the one-time gain, Yellow Freight's operating income for the quarter was $29.1 million, up 29% from second quarter 1999. Revenues were $696.7 million, up 9.1% from a year ago.
“Performance at our regional carrier group was below expectations, though business levels and operating performance improved significantly in June,” said Zollars. Operating income for the four carriers in the group was $6.4 million, up from $3.1 million year, but 1999 results don’t include Jevic Transportation, acquired by Yellow last July. Revenues for the group were $198.9 million versus $111.9 million last year. In addition to Jevic, Yellow's regional carriers are Saia Motor Freight, WestEx and Action Express.