Yellow Corp. reported second quarter income that is nearly three times that of the same period last year.
The Kansas-based trucking company, which announced earlier this month it plans to buy Roadway Corp. in a $1.1 billion deal, reported net income in the second quarter of $18.36 million, or 62 cents a share, compared with $6.22 million, or 22 cents a share, a year earlier.
In the second quarter of 2003, profits included a pretax benefit of $3.7 million, or 8 cents a share, from the completion of an insurance settlement. The company said its operating revenue for the second quarter was $713 million, compared with $646 million in the second quarter of 2002.
Bill Zollars, Yellow Corp.'s chairman, president and chief executive officer, said consolidated revenue from Yellow Transportation and Meridian IQ, a Web-based transportation management provider, improved because of increased business volumes and effective yield management.
Less-than-truckload revenue per day increased 10% in the second quarter from a year earlier.
Yellow officials expect to meet full-year profit guidance of $2.25 to $2.35 a share. They expect third-quarter net income of between 70 and 80 cents a share.
"We are assuming that current economic activity continues throughout 2003," Zollars said, adding that the company is "well positioned to take advantage of improved economic conditions when they occur."
The Kansas-based trucking company, which announced earlier this month it plans to buy Roadway Corp. in a $1.1 billion deal, reported net income in the second quarter of $18.36 million, or 62 cents a share, compared with $6.22 million, or 22 cents a share, a year earlier.
In the second quarter of 2003, profits included a pretax benefit of $3.7 million, or 8 cents a share, from the completion of an insurance settlement. The company said its operating revenue for the second quarter was $713 million, compared with $646 million in the second quarter of 2002.
Bill Zollars, Yellow Corp.'s chairman, president and chief executive officer, said consolidated revenue from Yellow Transportation and Meridian IQ, a Web-based transportation management provider, improved because of increased business volumes and effective yield management.
Less-than-truckload revenue per day increased 10% in the second quarter from a year earlier.
Yellow officials expect to meet full-year profit guidance of $2.25 to $2.35 a share. They expect third-quarter net income of between 70 and 80 cents a share.
"We are assuming that current economic activity continues throughout 2003," Zollars said, adding that the company is "well positioned to take advantage of improved economic conditions when they occur."
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