USFreightways takes 3Q charges, sees revenues drop

    Oct. 22, 2001
    Chicago-based less-than-truckload carrier USFreightways Corp. took a $5.9-million restructuring charge in the third quarter of 2001 to cope with business disruptions largely related to the September 11 terrorist attacks – a charged that knocked its third quarter net income down to $9.7 million. USF added that its revenues in the third quarter of 2001 declined as well, dropping to $618.6 million compared
    Chicago-based less-than-truckload carrier USFreightways Corp. took a $5.9-million restructuring charge in the third quarter of 2001 to cope with business disruptions largely related to the September 11 terrorist attacks – a charged that knocked its third quarter net income down to $9.7 million.

    USF added that its revenues in the third quarter of 2001 declined as well, dropping to $618.6 million compared to $642.2 million reported for the third quarter of 2000.

    USF said the restructuring charge it took in the third quarter takes into account the continued economic slowdown and the terrorist attacks of September 11. Samuel Skinner, USF’s chairman, president & CEO, added that the nearly $6 million charge is related to severance and other downsizing expenses due to decreased revenue, as well as preparations for implementation of a new freight-management system in the fourth quarter.

    Voice your opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!

    Continue Reading

    Sponsored Recommendations

    Waiting for a breakdown is costing you. Learn how smart preventive maintenance plans, accurate data, and cross-team coordination can protect your bottom line and boost profits...
    Is your fleet ready for California's Clean Truck Check program? Our guide helps you navigate CARB compliance, avoid costly fines, and keep your trucks rolling. Learn how telematics...
    Boost truck leasing profits with telematics insights! Reduce maintenance costs, improve uptime, and strengthen customer relationships. Learn how data drives success.
    This free guide outlines simple steps for hiring and onboarding commercial drivers while ensuring that you meet Regulation Part 391 and maintain fully compliant driver qualification...