USF Reports First-Quarter Loss on Automotive, Closing Costs
SF Corp. reported a net loss of $5.8 million or 20 cents a share for its first quarter ended April 2, compared with income of $7.1 million or 26 cents a year earlier.
The carrier’s revenue declined to $598 million from $617 million last year.
The company cited $4.9 million in costs associated with closing its Red Star unit that operated in the Northeast, a $7.8 million loss on sale of its USF Processors unit and $3.5 million in costs related to its pending acquisition by Yellow Roadway Corp.
Chief Executive Officer Thomas Bergeron reiterated USF's April 8 guidance statement in which it lowered its earnings forecast in part because of a slowdown in the automotive sector. (Click here for previous coverage.)
USF’s less-than-truckload sector income fell to $13.1 million, from $24 million a year ago, while its truckload sector earned $1.1 million, compared with $812,000 last year.
Its logistics unit lost $5.6 million, compared to earning $1.6 million last year.
