OVERLAND PARK, Kan. — YRC Worldwide Inc. has changed its name to Yellow Corp., a nod to the company’s origins as Yellow Transit, and will be traded under the NASDAQ ticker symbol YELL. The announcement was made Feb. 4 in conjunction with the company’s fourth-quarter 2020 report.
The company’s less-than truckload brands — which include YRC Freight, Holland, New Penn, Reddaway and HNRY Logistics — will continue to operate under their existing names.
“As we continue our transformation into a super-regional, LTL freight carrier, it is the right time to reintroduce the Yellow Corp. name and modernize the holding company brand,” said Darren Hawkins, CEO of Yellow Corp.
“Once we announced our plans to rebrand, our customers and employees shared their excitement. The Yellow brand is synonymous with the LTL industry and we are honored to continue its proud legacy of service with one of the largest, most comprehensive logistics and LTL networks in North America,” he continued. “Migrating to one Yellow technology platform and creating one Yellow network are the key enablers of our enterprise transformation strategy, which is to provide a superior customer experience under one Yellow brand.”
According to the company’s fourth-quarter report, Yellow Corp. had an operating revenue of $1.165 billion, up from $1.160 billion during the fourth quarter of 2019, and an operating income of $13.7 million — a marked jump from $9.8 million in 2019.
Operating revenue for full year 2020 was $4.514 billion and operating income was $56.5 million, which included a $45.3 million net gain on property disposals. This compares to full year 2019 operating revenue of $4.871 billion and operating income of $16.2 million, which included a $13.7 million net gain on property disposals and $8.2 million for a non-cash impairment charge related to the write-down of an intangible asset.
Yellow Corp.’s net loss for the fourth quarter 2020 was $18.7 million (37 cents per share) compared to net loss of $15.3 million (46 cents per share) in the fourth quarter of 2019. Full year net loss for 2020 was $53.5 million ($1.28 per share), compared to a full year net loss in 2019 of $104 million ($3.13 per share), which included a $11.2 million loss on extinguishment of debt associated with a refinancing of the company’s term loan agreement.
“During the fourth quarter volume and pricing continued to improve in a tighter capacity environment. As the industrial and retail segments of the economy rebound a shortage of drivers is keeping a lid on LTL capacity. Overall, the industry is stable and well positioned for a strong 2021,” Hawkins said.
“During a challenging and unprecedented 2020, our nearly 30,000 employees persevered, continuing their essential service for our customers and the communities we serve with a proud sense of patriotism. They are heroes and their dedication and commitment are greatly appreciated. I have never been prouder of our team,” he concluded.