Mr. John Schulz

GLG News by Mr. John Schulz, Independent Analyst - Contributing Editor

GLG News is now G+ Insights

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FedEx Prediction: International Up, Domestic Down, Teamsters Canada Uncertain

September 14, 2009

Analysis of:FedEx Raises Outlook, Stokes Hopes for Recovery | online.wsj.com

FedEx Corp., long viewed as a leading economic indicator because of the breadth of its penetration into the U.S. and worldwide shipping market, is sounding bullish ahead of its formal first-quarter release of its earnings set for Thursday. FedEx CFO Alan Graf added to the optimism last week when he was quoted in the Wall Street Journal saying  it was anticipating a "continued modest economic recovery in the global economy."

Second Time is the Charm: New Penn Teamsters OK Wage Cut Package

September 9, 2009

Analysis of:New Penn Teamsters Approve Concessions | www.tdu.org

Teamsters are YRC Worldwide's New Penn Northeast regional unit have voted by a nearly 3-to-1 margin to approve the company's wage and pension benefit concessions. The actual vote was 890-to-329. This comes after YRC threatened to close the unit and fold some of the jobs into its larger Holland Central States regional unit. Even with those threats, New Penn Teamsters in Local 25 in Boston and in Local 107 in Philadelphia rejected it.

Is UPS About to Make Another Labor Relations Mistake?

September 7, 2009

Analysis of:UPS Calls Looming Strike Vote a Gesture. Is it? | www.google.com

Some 1,400 Teamster mechanics who maintain planes for UPS's fleet of 263 cargo plays plan to hole a strike authorization vote next week. This comes at the start of the air cargo peak shipping season. A UPS spokesman downplays the chances of a strike, calling the authorization vote "contract posturing" with "absolutely no legal significance whatsoever."

YRC Worldwide's Woes a Benefit to Arkansas Best LTL Unit

August 28, 2009

Analysis of:ABF in Talks With Teamsters | tdu.org

ABF Freight System, the largest operating unit of Arkansas Best Corp., is negotiating with the Teamsters unit over wage and pension concessions. ABF, the nation's sixth-largest LTL company with $1.83 billion revenue last year, operates in the same troubled, unionized, long-haul LTL segment that YRC Worldwide. Financially ailing YRC recently obtained a five-year 15 percent wage cut as well as an 18-month pension freeze, savings that could amount to nearly $900 million a year for YRC.

Why I Love Trucking: The 2009 Roadeo

August 22, 2009

Analysis of:Top U.S. Truck Drivers Showcased in Competition | www.google.com

The 72nd edition of the National Truck Driving Championships was held recently at the David L. Lawrence Convention Center in Pittsburgh. The four-day "roadeo" featured 415 contestants from all 50 states in all nine classes of trucks--ranging from three-axle to flatbed to tank truck. Besides the hands-on driving, there's also a written test covering a 300-page manual about truck safety regulations.

What Happens In a YRC Liquidation?

August 18, 2009

Analysis of:YRC Worldwide Shutdown Would Raise Freight Prices, Survey Says | kansascity.bizjournals.com

If financially ailing LTL giant YRC Worldwide shuts down, that would mean a freight rate increase of as much as 5 percent by rival carriers. That's according to a survey of shippers by Wolfe Research LLC, the research company run by respected former Bear Stearns trucking analyst Ed Wolfe. The survey showed that LTL carriers could raise rates by 2.5 percent in the month after any YRC shutdown, and by 4.9 percent in the year following a YRC failure.

Once Again, New England Motor Freight Leads the Way

August 15, 2009

Analysis of:New England Motor Freight and Manitoulin Transport Form Partnership | www.logisticsmgmt.com

New England Motor Freight (NEMF), the leading Northeast regional LTL carrier, is forming a partnership with a top Canadian trucking company to enhance its expedited transportation and logistics services to Canada. NEMF picked Manitoulin Transport, a top Canadian carrier, as its partner. The move is latest example of once-regional LTL carriers expanding their footprint to enter into longer-haul lanes as the national, Teamster-covered, long-haul carriers continue to lose market share. 

We're Going to Do This Until We Get It Right at this YRC Worldwide Unit

August 14, 2009

Analysis of:New Penn Teamsters Reject Deal | www.ldnews.com

Some 2,000 Teamsters at New Penn, YRC Worldwide's Northeast Regional LTL carrier, have rejected a proposed 5 percent wage cut and pension freeze. Management has said these cost-cutting moves are necessary to keep struggling YRC Worldwide operating. The cost-cutting measures were approved by 58.5 percent of the overall Teamsters voting at all of YRC's subsidiaries. But they were rejected "overwhelmingly" by the New Penn unit, a Teamsters official said.

"35 Percent of Zero" is Not Positive

August 13, 2009

Analysis of:Analyst Predicts YRC Bankruptcy | www.ohio.com

A leading trucking industry analyst is predicting the demise of YRC Worldwide, the nation's largest trucking company by revenue. David Ross of Baltimore-based Stifel Nicolaus says that YRC's bankruptcy, while not imminent, "is becoming increasingly likely." Whether YRC opts for Chapter 11 reorganization or Chapter 7 liquidation is unclear. For its part, YRC's management continues to say its restructuring plan is on course despite losses in excess of $2 billion in the last 10 operating quarters.

YRC Isn't Dead Yet, But That Isn't Stopping the Competition

August 6, 2009

Analysis of:As YRC Struggles, Rivals Stalk Clients | online.wsj.com

Rival competitors in the less-than-truckload sector are busy selling against financially troubled YRC Worldwide, which has lost in excess of $2.1 billion in the last 10 operating quarters. At $6 billion, YRC has nearly a 20 percent market share of the $34.5 billion LTL sector. If it fails, a free-for-all for YRC's customer list would ensue. Some competitors are not waiting as they are actively discounting in the market trying to lure some current YRC customers.

Is November the End for YRC Worldwide?

July 31, 2009

Analysis of:YRC Swings to Loss as Sales Fall | online.wsj.com

YRC Worldwide, the nation's largest trucking company by revenue, continues to post huge losses on declining revenue. The Overland Park, Kan.-based LTL carrier posted a $309 million loss in the second quarter, compared with $35.8 million earnings in the year-ago period, on a 45 percent decline in revenue to $1.33 billion. YRC CEO and Chairman Bill Zollars says he continues to have "guarded optimism" about the future of his company.

Big Brown's Quarter Not So Bad ... Especially Compared With FedEx's Results

July 25, 2009

Analysis of:UPS Earnings Decline 49 Percent as Downturn Cuts Demand | query.nytimes.com

United Parcel Service posted second-quarter net income of $449 million on $10.8 billion in revenue. That was a 49 percent drop in earnings and a 17 percent drop in sales compared with year-ago figures. The company's chief financial offer, Kurt Kuehn, told analysts that the world's largest transport company is "cautious, frankly" about the rest of 2009's earnings. The company says it has no confidence that either demand or activity is going to pick up substantially" for the next several months. 

This is No Way to Win the Hearts and Minds (and Votes) From the Teamsters

July 23, 2009

Analysis of:YRC Reverses Comments That Upset Teamsters | pd.kansascity.com

YRC Worldwide Chairman and CEO Bill Zollars has been forced to apologize to the company's Teamsters employees after making public comments hinting that the company's non-union work force would not have to take further cuts in pay. That angered YRC's 30,000 Teamsters, who already have taken a 10 percent wage cut and freezes in their pension payments. Currently YRC's Teamsters are in the process of voting on approval an additional 5 percent wage cut and more cuts in pension payments.

Will $900 Million a Year Savings Be Enough For YRC Worldwide?

July 15, 2009

Analysis of:Teamsters Consider Extra 5 Percent YRC Worldwide Pay Cut | www.bizjournals.com

  YRC Worldwide's 50,000 Teamsters employees are being asked to approve an additional 5 percent wage cut as well as an 18-month freeze in the company's pension contributions. This comes on top of a 10 percent wage cut already approved by the YRC workers. Combined, these two givebacks are estimated to save YRCW approximately $900 million annually as the debt-laden company fights for survival.

The Teamsters Are Not to Blame for YRC Wordwide's Current Desperation

July 10, 2009

Analysis of:YRC Worldwide: Jimmy Hoffa Would be Proud | shar.es

 YRC Worldwide has too much debt, has lost nearly $2 billion in the last nine quarters, is downsizing its network and has outdated work rules. Of all those shortcomings, probably only the latter can be blamed exclusively on the Teamsters' union. Yet an article in Today'sFinancialNews.com tries to blame all of YRC's shortcomings on its union, and very little to management's buying binge earlier in this decade that saddled the company with an unrealistic debt load.

Press Releases Are Good. Facts Are Better. YRC Soldiers On.

July 9, 2009

Analysis of:YRC Worldwide Reaches Tentative Agreement with Teamsters Union | www.prnewswire.com

YRC Worldwide, the nation's largest trucking company by revenue, issued a press release saying it has reached a tentative agreement with the Teamsters union over more concessions made by its 55,000 rank-and-file Teamsters. Exact details are not known, and were not disclosed. They are likely to include an additional 5 percent wage cut in addition to the 10 percent wage giveback the union agreed to back in April.

Safe to Say Trucking Has Hit Bottom. Now, How High Will the Dead-Cat Bounce Be?

June 29, 2009

Analysis of:ATA Truck Tonnage Index Increased 3.2 Percent in May | www.etrucker.com

Truck tonnage, which fell close to 20 percent by some carriers' calculations, seems to have hit bottom sometime in the first or second quarter. A leading truck tonnage index shows that tonnage rose in May for the first time since February, although it wasn't large enough to offset the cumulative declines in March through April. Still, for a sector that has been in the doldrums since August of 2006, this is welcome news.

YRC Worldwide Lives for Another Quarter, Maybe Much Longer

June 18, 2009

Analysis of:IBT Proposes 14-month Pension Deal for YRC | www.tdu.org

YRC Worldwide, which has lost close to $2 billion in the last nine quarters, has won new life. It has won an immediate deferral of some $83 million in pension payments in the second quarter, an amendment to its credit agreement with lenders regarding real estate leasebacks and is trying to win rank-and-file approval of a 14 month, $500 million pension deferral in a deal proposed by the national International Brotherhood of Teamsters leadership.

Shippers Want More than Simplicity--They Want Savings

June 18, 2009

Analysis of:Con-way says new LTL pricing plan will 'transform' trucking industry | www.thetrucker.com

Con-way's innovative new "True LTL Pricing" scheme has the potential to, as the company says in its press release, "transform" the Byzantine world of truck pricing. But that really is not up to Con-way; rather, it will be up the shipping community. Likely they will accept Con-way's pricing on one condition: their freight bills are lowered as a result.

FedEx vs. UPS: Round 13 of a 15-Round Heavyweight Doozie

June 10, 2009

Analysis of:A Campaign Aimed at a Rival Could End Up Haunting FedEx | www.nytimes.com

FedEx is spending millions on an advertising campaign making it appear that rival UPS is accepting money from the federal bailout of banks, which is clearly is not the case at all. The campaign even includes a "bailout-o-meter" on a FedEx-sponsored Web site, Brownbailout.com. How much of this is over-the-top hype? Or is it just fair game between two rival small package delivery giants bent on winning each other's market share and driving up their costs?

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