YRC Worldwide Chairman and Chief Executive Officer Bill Zollars said he sees no sign that a yearlong slump in U.S. trucking will ease, Bloomberg reported.
Zollars said that economists had expected conditions to improve by now but they have not, which has the less-than-truckload carrier “concerned,” Bloomberg reported.
The outlook may make it tougher for YRC to stop four straight quarters of falling sales and net income that have contributed to a 28% drop in its shares this year, Bloomberg said. YRC posted a 58% decline in third-quarter profit on Thursday.
The results were dragged down by its regional trucking division, which was hurt by a weakening economy in the Midwest, Zollars told Bloomberg.
Clients are being pinched, too. YRC will reprice contracts for some “unprofitable customers” at its USF Holland and USF Reddaway divisions in the Midwest, Zollars said Friday in a conference call with analysts, Bloomberg reported.