YRC Lowers Earnings Figures; Will Cut Jobs at Md. Terminal

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RC Worldwide lowered its previously reported earnings for the fourth quarter and 2005, and the company will cut about 200 jobs in Maryland, news reports said.

In a Securities and Exchange Commission filing, YRC — formerly Yellow Roadway Corp. — restated its earnings lower for the fourth quarter to $1.30 per share, down $1.34 it reported in late January, the Business Journal of Kansas City reported.

The company lowered its 2005 figure to $5.07 a share, from $5.12 previously reported. (Click here for previous coverage.)

The lower rates were due to foreign currency accounting for Reimer Express, a Canadian subsidiary of YRC’s Roadway Express unit, the Journal said.

Meanwhile, YRC is cutting 196 jobs at a Roadway truck terminal in Hagerstown, Md., as part of its ongoing restructuring following the 2003 merger of Roadway and Yellow Transportation, the Associated Press reported.

The affected workers, who represent about two-thirds of the terminal's work force, will be able to bid on jobs the company is adding around the country, a local Teamsters union official told the Hagerstown Herald-Mail newspaper, AP said.