USFreightways sees lower 4Q earnings and charges

USF said its earnings in the fourth quarter of 2001 dropped to $10.3 million – down from $23.7 million in the fourth quarter of 2000. The carrier took a charge of $2.7 million in the fourth quarter of 2001 to cover restructuring costs in its logistics division. Revenue for the fourth quarter of 2001 also declined, dropping to $594.8 million from $643.7 million in the fourth quarter of 2000.

For 2001, USF’s earnings totaled $43.4 million before the $2.7 million worth of special charges taken in the fourth quarter and $5.9 million in charges from the third quarter are factored in. That’s down from the $97.8 million the carrier earned in 2000. Revenue for 2001 also slipped, dropping to $2.46 billion, down from $2.54 billion in 2000.