USFreightways Corp. said it plans “significant” job cuts and expects first-quarter profits to miss analysts' estimates because of bad weather and U.S. economic slowdown.
The company said results will be below forecasts because of lower revenue and volume in several units. It expects lower revenue and volume in its LTL, logistics, reverse logistics and freight-forwarding units.
Company spokesman Ken Ball said the company is unlikely to see any significant improvement this month and will expand cost controls already in progress, including cuts in capital spending. He did not say how many of its 22,000-plus workers will be fired or laid off or how much capital spending it intends to cut.
USFreightways' five regional trucking companies had annual sales of $1.94 billion last year, which accounted for 75% of total company revenue.