Investors Punish Roadway After Dismal Report
Shares of LTL giant Roadway Corp. dropped after the company gave a dismal report on freight volumes in the second quarter
Shares of LTL giant Roadway Corp. dropped after the company gave a dismal report on freight volumes in the second quarter.
The motor carrier said current tonnage levels are still 13 to 14% below those of a year ago. The decline was attributed
to the continued weakness in the national economy which has hurt the less-than-truckload (LTL) portion of the company's
operation. Roadway's operating ratio is expected to drop by approximately 1.5 percent of revenue. Earnings are expected to be 60 to 70% below those of the second quarter of 2000 when the company earned
$0.52 per share.
Roadway CEO and Chairman of the Board Michael W. Wickham said the company has "seen no signs of a turnaround in underlying economic conditions."
He said that while LTL pricing has remained relatively stable, a drop in truckload pricing and a shift within the larger LTL segment toward lower margin shipments has hurt the company. "In response, we will continue our emphasis on cost containment measures that include, among other things,
maintaining workforce levels that are consistent with business volumes," Wickham said.
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