USFreightways Corp. said it expects earnings from operations for the first quarter, which ended April 5, to be in the range of 10 to 16 cents per share, which is lower than the 22 to 30 cent range it had predicted.
The corporation said its earnings would be affected by severe winter weather, a restructuring effort at its USF Red Star unit, and for the write-down of accounts receivable from Fleming Companies Inc., a customer that recently filed for bankruptcy.
"Absent these three factors, our results would have been in the range of our earlier guidance," president & CEO Samuel K. Skinner said.
