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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Trucking company Yellow faces bankruptcy following financial struggles and a dispute with its union, raising concerns about pandemic relief loan management.
Yellow, a trucking company formerly known as YRC Worldwide, is facing a potential bankruptcy this summer after a long-standing financial struggle, further exacerbated by a dispute with its union. The company, which lost over $100 million in 2019 and has outstanding debt exceeding $1.5 billion, including a $700 million pandemic relief loan from the federal government, is now in litigation with the International Brotherhood of Teamsters. Yellow accuses the union of hindering its restructuring plans and causing further financial damage.
The situation raises broader concerns about pandemic relief funding and defaults, with a potential 17% of funds going to fraudulent actors, according to a report from the U.S. Small Business Administration.
Source: NYTimes
a competitor being driven into bankruptcy isn't the healthy business buy signal some seem to think it is. Neither is an 18% drop in volume from the largest player as industrial activity turns negative $ODFL $FDX
— Jay Van Sciver (@HedgeyeIndstrls) June 28, 2023
A truck carrying flammable chemicals crashed and exploded on Route 3 in Clifton, NJ, killing the driver and forcing evacuations.
Q2 sees slower rate of trucking business exits, but market remains challenging. Here are the latest industry data and expert insights.
Driver wages remain the largest expense. Safety bonuses ($1,831 average) surpassed starting bonuses for the first time.
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