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

    What challenges are top of mind for fleet professionals in 2025? Get exclusive insights from the 2025 Fleet Trends Survey and discover where the industry is headed next.
    The most successful fleets accomplish more than delivering freight. To accomplish this, fleets need a fuel that’s reliable, more economical and more sustainable. That fuel is ...
    Are your KPIs driving real fleet improvement? Learn how to set smarter, data-driven benchmarks, track success like top-performing fleets, and apply proven strategies to optimize...
    Learn how eets can enhance truck utilization and minimize safety incidents using business intelligence and AI. Delve into innovative practices, technology integration and real...