Yellow Roadway Corp. has announced second quarter 2005 adjusted earnings per share of $1.40 compared to last year's second quarter of $.97, a 44% increase.

Second quarter 2005 EPS includes $.05 per share of dilution from the company's contingent convertible notes based on an average stock price of $52.06 for the quarter. No related dilution was included in the second quarter of 2004. Adjusted EPS for the second quarter 2005 excludes $.02 related to acquisition charges and losses on property disposals, which the company does not consider part of its core operations. Reported EPS for the second quarter 2005 was $1.38 per share compared to reported second quarter 2004 EPS of $.97 per share.
"We had a strong second quarter with earnings per share growth over 40% and a 130 basis point improvement in our consolidated operating ratio," stated Bill Zollars, chairman, president and CEO of Yellow Roadway. "These results are even more impressive when considering the significant transformation we undertook during the quarter by adding the USF companies to our portfolio."
Yellow Roadway reported the following consolidated results for the second quarter of 2005:
-- Operating revenue of $2.09 billion compared to second quarter 2004 revenue of $1.67 billion. The second quarter of 2005 included the results of the USF companies since the date of acquisition (May 25).
-- Adjusted operating income of $138 million compared to second quarter 2004 adjusted operating income of $88 million. Adjustments in the second quarter of 2005 related to acquisition charges and property disposals.
-- Reported operating income was $136 million compared to reported operating income of $88 million in the second quarter of 2004.
For the six months ended June 30, 2005, Yellow Roadway reported the following consolidated results:
-- Adjusted EPS of $2.32, up 72% compared to $1.35 for the same period last year. Reported EPS of $2.34 compared to reported EPS of $1.35 for the same period in 2004.
--Operating revenue of $3.77 billion compared to $3.23 billion in the same period last year, a 17% increase.
-- Adjusted operating income of $225 million compared to $130 million for the same period in 2004, an increase of $95 million. Adjustments in 2005 related to acquisition charges and property disposals. Reported operating income was $226 million compared to reported operating income of $130 million for the same period last year.
"The sustained performance and operational execution of each of our brands was complemented by a good economy, firm pricing environment, and synergies," Zollars said.