Yellow Corporation Reports Second Quarter 2023 Results
Yellow Corporation (NASDAQ: YELL) reported Q2 2023 results. Operating revenue was $1.127 billion and operating income was $38.9 million. Net loss for Q2 2023 was $14.7 million. The company filed for Chapter 11 bankruptcy. Current liabilities were $1.916 billion. Total shareholders' deficit was $447.8 million.
Negative
Net loss for Q2 2023
Chapter 11 bankruptcy filing
Total shareholders' deficit
08/09/2023 - 09:04 AM
NASHVILLE, Tenn., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Yellow Corporation (NASDAQ: YELL) reported results for the second quarter ended June 30, 2023. Operating revenue was $1.12 7 billion and operating income was $38.9 million which included a $75.9 million gain on property disposals. In comparison, operating revenue in the second quarter of 2022 was $1.42 4 billion and operating income was $99.2 million which included a $3.2 million net gain on property disposals.
Net loss for second quarter 2023 was $14.7 million , or $0.28 per share, compared to net income of $60.0 million , or $1.17 per share in the second quarter 2022.
Following a substantial workforce reduction impacting all areas of the organization, on August 6th, the Company and its domestic subsidiaries filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the district of Delaware seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code.
Investor Contact: investor@myyellow.com
Media Contact: media@myyellow.com
CONSOLIDATED BALANCE SHEETS Yellow Corporation and Subsidiaries (Amounts in millions except per share data) June 30, 2023 December 31, 2022 (Unaudited) Assets Current Assets: Cash and cash equivalents $ 112.8 $ 235.1 Restricted amounts held in escrow 19.6 3.9 Accounts receivable, net 535.1 599.7 Prepaid expenses and other 151.1 75.4 Total current assets 818.6 914.1 Property and Equipment: Cost 3,065.9 3,109.0 Less - accumulated depreciation (1,926.2 ) (1,940.0 ) Net property and equipment 1,139.7 1,169.0 Deferred income taxes, net — 0.3 Pension 35.5 34.5 Operating lease right-of-use assets 123.1 139.7 Other assets 30.7 21.7 Total Assets $ 2,147.6 $ 2,279.3 Liabilities and Shareholders' Deficit Current Liabilities: Accounts payable $ 175.7 $ 188.6 Wages, vacations and employee benefits 235.1 221.4 Current operating lease liabilities 43.0 53.1 Other current and accrued liabilities 188.3 182.1 Current maturities of long-term debt 1,274.5 71.8 Total current liabilities 1,916.6 717.0 Other Liabilities: Long-term debt, less current portion 202.9 1,466.2 Deferred income taxes, net 0.5 — Pension and postretirement 137.4 134.0 Operating lease liabilities 89.2 94.6 Claims and other liabilities 248.8 249.0 Commitments and contingencies Shareholders' Deficit: Cumulative preferred stock, $1 par value per share — — Common stock, $0.01 par value per share 0.5 0.5 Capital surplus 2,396.6 2,393.4 Accumulated deficit (2,522.5 ) (2,453.2 ) Accumulated other comprehensive loss (229.7 ) (229.5 ) Treasury stock, at cost (92.7 ) (92.7 ) Total shareholders' deficit (447.8 ) (381.5 ) Total Liabilities and Shareholders' Deficit $ 2,147.6 $ 2,279.3
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) Yellow Corporation and Subsidiaries For the Three Months Ended June 30 (Amounts in millions except per share data, shares in thousands) (Unaudited) Three Months Six Months 2023 2022 2023 2022 Operating Revenue $ 1,126.8 $ 1,423.7 $ 2,285.4 $ 2,684.1 Operating Expenses: Salaries, wages and employee benefits 686.3 736.7 1,358.8 1,447.7 Fuel, operating expenses and supplies 227.0 287.3 467.6 530.9 Purchased transportation 150.7 206.1 302.7 391.5 Depreciation and amortization 35.8 35.5 71.1 71.2 Other operating expenses 64.0 62.1 132.0 143.1 Gains on property disposals, net (75.9 ) (3.2 ) (76.4 ) (8.7 ) Total operating expenses 1,087.9 1,324.5 2,255.8 2,575.7 Operating Income 38.9 99.2 29.6 108.4 Nonoperating Expenses: Interest expense 48.3 38.0 94.8 75.7 Non-union pension and postretirement benefits 1.1 (0.5 ) 2.3 (0.9 ) Other, net 0.1 (0.1 ) (0.1 ) 0.1 Nonoperating expenses, net 49.5 37.4 97.0 74.9 Income (loss) before income taxes (10.6 ) 61.8 (67.4 ) 33.5 Income tax expense 4.1 1.8 1.9 1.0 Net income (loss) (14.7 ) 60.0 (69.3 ) 32.5 Other comprehensive income (loss), net of tax 2.4 1.5 (0.2 ) 3.8 Comprehensive Income (Loss) $ (12.3 ) $ 61.5 $ (69.5 ) $ 36.3 Average Common Shares Outstanding - Basic 52,010 51,342 51,871 51,217 Average Common Shares Outstanding - Diluted 52,010 52,135 51,871 52,183 Income (Loss) Per Share - Basic $ (0.28 ) $ 1.17 $ (1.34 ) $ 0.64 Income (Loss) Per Share - Diluted $ (0.28 ) $ 1.15 $ (1.34 ) $ 0.62 Operating Ratio(a) : 96.5 % 93.0 % 98.7 % 96.0 %
(a) Operating ratio is calculated as (i) 100 percent (ii) minus the result of dividing operating income by operating revenue or (iii) plus the result of dividing operating loss by operating revenue, and expressed as a percentage.
YELL Rankings
N/A Ranked by Stock Gains
YELL Stock Data
Industry
General Freight Trucking, Local
Sector
Transportation and Warehousing
Country
US
City
Overland Park
About YELL
yellow, a fortune 500 company headquartered in nashville, tn is one of the largest super-regional less-than-truckload (ltl) companies in north america. nearly 100 years ago, yellow created the ltl industry, and now it comprises four successful regional ltl companies and an in-house logistics brokerage, yellow logistics. through its team of dedicated and determined professionals, yellow offers industry-leading and award-winning shipping and supply chain solutions to help our customers deliver like never before. visit myyellow.com to learn more.