Chicago-based LTL carrier USFreightways Corp. said it expects to report normal earnings from operations in the fourth quarter of 2001, despite a fall-off in freight demand due in part to the terrorist attacks of September 11.
Samuel K. Skinner, president & CEO, said USFreightways’ LTL shipments are down 5.6% this quarter compared to the same period in 2000. However, he maintained that the company would maintain its earnings levels primarily through cost-cutting efforts.
"Despite the fact that the current economic conditions continue to affect all business lines, especially after September 11th, we continue to operate profitably due to our tight cost controls," Skinner said. He added that USFreightways expects that earnings in the fourth quarter, excluding any special charges, should be in the range of $0.32 to $0.42 per share.
