Mr. John Schulz

GLG News by Mr. John Schulz, Independent Analyst - Contributing Editor

"Cadillac" of Trucking Terminals to be Closed by YRCW

November 17, 2009

Analysis of:YRC Closes Big Richfield, Ohio, Terminal | www.tdu.org

 Financially troubled YRC Worldwide is closing its 202-door Richfield, Ohio, breakbulk terminal, one of the largest in its system. The move is part of YRCW's downsizing, and affects about 1,000 Teamsters at three Ohio terminals. About 400 of those 1,000 Teamsters already are laid off.

Flavor of the Month is Railroads, But Freight Eventually Will Move Back to Truck

November 12, 2009

Analysis of:Trucking 101--This Analyst is Half Right | www.forexyard.com

How solid is the case for intermodal rail? Is it merely the flavor of the month, or can be be an honest-to-goodness, legitimate alternative to all-truck movements of surface freight? Analysts are touting intermodal rail, but how important and encompassing can rail transport be to U.S. shippers?

Is the Web Going to Save These Two Freight Behemoths?

November 11, 2009

Analysis of:For FedEx, Holidays May Bring an Upturn | online.wsj.com

FedEx Corp. is predicting an 8 percent rise in its "busiest day shipments" on Dec. 14, compared with last year's busiest day total. FedEx expects to ship more than 13 million packages on that day. Arch-rival UPS, which is about 35 percent larger than FedEx, says it will issue its own, separate "busiest day shipments" forecast next year, after eschewing such forecasts last year.

Big-Foot YRC Drops the Other Shoe on Shareholders

November 3, 2009

Analysis of:YRC is Seeking Big Concession by Shareholders | www.google.com

Embattled trucking giant YRC Worldwide is asking its shareholders to give up 95 percent ownership in the trucking company to lenders in what it calls a "final step" in its recovery plan. One analyst called the deal a "train wreck hitting the school bus full of kids and nuns" for shareholders, who caused a massive selloff in the stock in one day of more than 60 percent to $1.32 a share.

YRC's Spin May Be Positive, But the Operating Numbers Are Not

October 30, 2009

Analysis of:YRC Worldwide Reports Significant Sequential Improvement in 3Q 2009 Results | www.google.com

YRC Worldwide, the nation's largest trucking company by volume, reported a $158.7 million loss in the third quarter on sharply declining revenue of  $1.3 billion, compared with a net loss of $720 million on $2.38 billion revenue in the year-ago quarter. Despite the huge losses, YRC Chairman and CEO Bill Zollars says the company "gained significant momentum" in the third quarter and some progress in new credit agreements with its consortium of lenders.

Don't Panic. This Trucking Recovery May Be Two Steps Ahead, One Step Back

October 23, 2009

Analysis of:ATA Truck Tonnage Index Slipped 0.3 Percent in September | www.reuters.com

The American Trucking Associations' closely watched advanced seasonally adjusted for-hire Truck Tonnage Index fell 0.3 percent in September. This came after it increased 2.1 percent in both July and August.

Best is Yet to Come for C.H. Robinson

October 21, 2009

Analysis of:Weak Demand Hurts Shipper C.H. Robinson | www.google.com

C.H. Robinson, the leading third-party logistics provider at nearly $8 billion in revenue, posted $95.5 million in third-quarter net profit despite a 15.6 percent decline in revenue to $1.95 billion. Its core trucking business rose 2.1 percent as the nation's industrial base began its economic recovery, although its ocean shipping business was off nearly 22 percent and its intermodal revenue decline 30 percent, although it was a small percentage of its overall business.

FedEx is Not Alone in Fighting Independent Contractor Battles.

October 19, 2009

Analysis of:'Contractor' Lable Provokes Legal Disputes | online.wsj.com

The Internal Revenue Service, several states and the courts are stepping up their pursuit of legal remedies and penalties for companies that misclassify company employees as independent contractors. FedEx has been at the center of these legal battles for more than a decade as unions, states and some courts seek financial enhancement if independent owner-operators are reclassified as employees.

Another Leash on Life for YRC Worldwide

October 12, 2009

Analysis of:Lenders Extend Deadlines for YRC Worldwide | sacramento.bizjournals.com

A consortium of lenders has given YRC Worldwide, the nation's largest trucking company, two more weeks before a provision that requires the Overland Park, Kan.-based LTL carrier to maintain $100 million in liquidity. The company says it has been given until Oct. 30 before the amendment, the company's 11th such change, takes effect.

Hardball on the Highways: Paccar Closing Strike-Hobbled Peterbilt Plant

October 2, 2009

Analysis of:Peterbilt Closing Plant in Madison | www.google.com

Paccar's Peterbilt Motor Co. unit is closing its Madison, Tenn., permanently on Dec. 1. The news comes after the plant stopped manufacturing heavy duty Class 8 trucks in mid-20908. The company and the United Auto Workers Local 1832 were unable to agree on a new contract.

Slowly but Surely, Truck Tonnage on the Road Back

September 25, 2009

Analysis of:ATA Truck Tonnage Index Rose 2.1 Percent in August | www.google.com

The American Trucking Associations' seasonally adjusted for-hire truck tonnage index jumped 2.1 percent in August. That was the same year-over-year increase that July's index showed. But compared with August 2008 levels, truck tonnage was still 7.5 percent lower. Experts say it's the sign of a steady, if unspectacular, recovery in truck demand.

Highway Bill Hits Roadblock as Washington Proves It Can't Multitask

September 24, 2009

Analysis of:House Approves 3-Month Authorization Extension; Does Not Address Rescissions | www.aashtojournal.org

The House of Representatives overwhelmingly voted to extend the current level of federal-aid highway spending for three months. The current five-year, $286 billion highway bill expires on Sept. 30. The measure now goes to the Senate, which has bills approved by three committees to extend the current spending level for 18 months.

FedEx Absolutely, Positively Has Big Shoes to Fill Here

September 23, 2009

Analysis of:FedEx Freight Unit President and CEO Doug Duncan to Retire on Feb. 28 | www.google.com

Douglas G. Duncan, the first and only president and CEO that FedEx Freight has utilized, is retiring next Feb. 28. No successor has been named. FedEx Freight is the second-largest less-than-truckload carrier in the country (after YRC Worldwide), and the largest non-union LTL carrier.

So FedEx is Confident. What, Exactly, Does That Mean?

September 18, 2009

Analysis of:FedEx is Upbeat, Despite a 53 Percent Drop in Quarterly Profit | www.nytimes.com

FedEx is suddenly bullish about the international economic climate despite a 53 percent drop in its profit for its quarter ending Aug. 31. Revenue plunged 20 percent to just over $8 billion while net earnings fell to $181 million. FedEx is first to raise overall rates with a planned international and domestic rate increase of $5.9 percent on Jan. 4. That  is offset by a 2 percent cut in its fuel surcharge, plus any further discounts that shippers rate.

FedEx Prediction: International Up, Domestic Down, Teamsters Canada Uncertain

September 14, 2009

Analysis of:FedEx Raises Outlook, Stokes Hopes for Recovery | online.wsj.com

FedEx Corp., long viewed as a leading economic indicator because of the breadth of its penetration into the U.S. and worldwide shipping market, is sounding bullish ahead of its formal first-quarter release of its earnings set for Thursday. FedEx CFO Alan Graf added to the optimism last week when he was quoted in the Wall Street Journal saying  it was anticipating a "continued modest economic recovery in the global economy."

Second Time is the Charm: New Penn Teamsters OK Wage Cut Package

September 9, 2009

Analysis of:New Penn Teamsters Approve Concessions | www.tdu.org

Teamsters are YRC Worldwide's New Penn Northeast regional unit have voted by a nearly 3-to-1 margin to approve the company's wage and pension benefit concessions. The actual vote was 890-to-329. This comes after YRC threatened to close the unit and fold some of the jobs into its larger Holland Central States regional unit. Even with those threats, New Penn Teamsters in Local 25 in Boston and in Local 107 in Philadelphia rejected it.

Is UPS About to Make Another Labor Relations Mistake?

September 7, 2009

Analysis of:UPS Calls Looming Strike Vote a Gesture. Is it? | www.google.com

Some 1,400 Teamster mechanics who maintain planes for UPS's fleet of 263 cargo plays plan to hole a strike authorization vote next week. This comes at the start of the air cargo peak shipping season. A UPS spokesman downplays the chances of a strike, calling the authorization vote "contract posturing" with "absolutely no legal significance whatsoever."

YRC Worldwide's Woes a Benefit to Arkansas Best LTL Unit

August 28, 2009

Analysis of:ABF in Talks With Teamsters | tdu.org

ABF Freight System, the largest operating unit of Arkansas Best Corp., is negotiating with the Teamsters unit over wage and pension concessions. ABF, the nation's sixth-largest LTL company with $1.83 billion revenue last year, operates in the same troubled, unionized, long-haul LTL segment that YRC Worldwide. Financially ailing YRC recently obtained a five-year 15 percent wage cut as well as an 18-month pension freeze, savings that could amount to nearly $900 million a year for YRC.

Why I Love Trucking: The 2009 Roadeo

August 22, 2009

Analysis of:Top U.S. Truck Drivers Showcased in Competition | www.google.com

The 72nd edition of the National Truck Driving Championships was held recently at the David L. Lawrence Convention Center in Pittsburgh. The four-day "roadeo" featured 415 contestants from all 50 states in all nine classes of trucks--ranging from three-axle to flatbed to tank truck. Besides the hands-on driving, there's also a written test covering a 300-page manual about truck safety regulations.

What Happens In a YRC Liquidation?

August 18, 2009

Analysis of:YRC Worldwide Shutdown Would Raise Freight Prices, Survey Says | kansascity.bizjournals.com

If financially ailing LTL giant YRC Worldwide shuts down, that would mean a freight rate increase of as much as 5 percent by rival carriers. That's according to a survey of shippers by Wolfe Research LLC, the research company run by respected former Bear Stearns trucking analyst Ed Wolfe. The survey showed that LTL carriers could raise rates by 2.5 percent in the month after any YRC shutdown, and by 4.9 percent in the year following a YRC failure.

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