Chicago-based LTL carrier USFreightways Corp. (USF) saw its earnings decline in the fourth quarter of 2001 relative to the same period in 2000, before taking several million in charges to restructure its logistics subsidiary from two operating units into one.
USF said its earnings in the fourth quarter of 2001 dropped to $10.3 million – down from $23.7 million in the fourth quarter of 2000. The carrier took a charge of $2.7 million in the fourth quarter of 2001 to cover restructuring costs in its logistics division. Revenue for the fourth quarter of 2001 also declined, dropping to $594.8 million from $643.7 million in the fourth quarter of 2000.
For 2001, USF’s earnings totaled $43.4 million before the $2.7 million worth of special charges taken in the fourth quarter and $5.9 million in charges from the third quarter are factored in. That’s down from the $97.8 million the carrier earned in 2000. Revenue for 2001 also slipped, dropping to $2.46 billion, down from $2.54 billion in 2000.