Yellow Roadway Corp. reported first quarter 2004 earnings per share of $.38, a 40.7% increase from pro forma EPS of $.27 and double the reported EPS of $.19, both from the first quarter of 2003.
"In our first full quarter as Yellow Roadway Corp., every business unit exceeded their financial targets," said Bill Zollars, chairman, president and CEO of Yellow Roadway.
"While we still have much to accomplish, it was a gratifying first quarter performance."
Yellow Roadway reported the following consolidated results for the first quarter of 2004:
-- Operating revenue of $1.55 billion, up 7.7% from pro forma quarter 2003 operating revenue of $1.44 billion, and more than double first quarter 2003 reported operating revenue of $681 million.
-- Operating income of $41.3 million, up 20.3% from pro forma operating income of $34.4 million in the first quarter of 2003 and 3.5 times first quarter 2003 reported operating income of $11.8 million.
Yellow Transportation reported first quarter 2004 results as follows:
-- Revenue of $734 million, a record for Yellow Transportation first quarter revenue, which represents an 11.3% increase from $660 million in the first quarter of 2003.
-- Less-than-truckload (LTL) revenue per day was up 9.2% from the first quarter of 2003, primarily reflecting a 6.6% increase in LTL tonnage per day and a 2.8% increase in LTL revenue per hundred weight, excluding fuel surcharge. LTL revenue per hundred weight, when further adjusted for changes in weight per shipment and length of haul, was up 3.2%.
-- Adjusted operating income of $26.9 million, up 37.8% from $19.5 million in the first quarter of 2003.
Roadway Express reported the following results for first quarter 2004:
-- Revenue of $717 million, up 1.0% from adjusted revenue of $710 million in the first quarter of 2003.
-- LTL revenue per day was down 1.8% from the first quarter of 2003, resulting from a 3.0% decline in LTL tonnage per day and a 1.4% increase in LTL revenue per hundred weight, excluding fuel surcharge.
"In our first full quarter as Yellow Roadway Corp., every business unit exceeded their financial targets," said Bill Zollars, chairman, president and CEO of Yellow Roadway.
"While we still have much to accomplish, it was a gratifying first quarter performance."
Yellow Roadway reported the following consolidated results for the first quarter of 2004:
-- Operating revenue of $1.55 billion, up 7.7% from pro forma quarter 2003 operating revenue of $1.44 billion, and more than double first quarter 2003 reported operating revenue of $681 million.
-- Operating income of $41.3 million, up 20.3% from pro forma operating income of $34.4 million in the first quarter of 2003 and 3.5 times first quarter 2003 reported operating income of $11.8 million.
Yellow Transportation reported first quarter 2004 results as follows:
-- Revenue of $734 million, a record for Yellow Transportation first quarter revenue, which represents an 11.3% increase from $660 million in the first quarter of 2003.
-- Less-than-truckload (LTL) revenue per day was up 9.2% from the first quarter of 2003, primarily reflecting a 6.6% increase in LTL tonnage per day and a 2.8% increase in LTL revenue per hundred weight, excluding fuel surcharge. LTL revenue per hundred weight, when further adjusted for changes in weight per shipment and length of haul, was up 3.2%.
-- Adjusted operating income of $26.9 million, up 37.8% from $19.5 million in the first quarter of 2003.
Roadway Express reported the following results for first quarter 2004:
-- Revenue of $717 million, up 1.0% from adjusted revenue of $710 million in the first quarter of 2003.
-- LTL revenue per day was down 1.8% from the first quarter of 2003, resulting from a 3.0% decline in LTL tonnage per day and a 1.4% increase in LTL revenue per hundred weight, excluding fuel surcharge.
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