The gains in revenue were offset in part by a 5.8% decrease in LTL tons per day. The Thomasville trucking company said Thursday that a COVID-19 pandemic-related decline in business since early April led “to a necessary adjustment to our workforce.”.
LTL carriers Old Dominion Freight (NASDAQ: ODFL) and SAIA Inc. (NASDAQ: SAIA) released intra-quarter updates on tonnage and revenue, with Old Dominion’s numbers reflecting slowing demand. The company reported first-quarter revenue of $987.4 million, down 0.3% from a year ago.
The workers also will retain their seniority, he said. “We are currently experiencing an environment unlike anything we have ever seen, but we continue to be confident that our business model works up and down the economic cycle,” he said. The company didn't provide a specific number for its furloughs… Some of those will come back with volume. “Our automotive customers have been ramping up quickly in July, particularly truck production, and we expect to see orders at the pre-COVID levels into August and beyond,” Abbruzzi said. There was a 4% decrease in LTL weight per shipment and a 1.9% decrease in LTL shipments. Lydall storage area and loading docks in Hamptonville. There was a problem saving your notification. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}, Temporary extra $50 in state regular unemployment benefit payments begins Saturday, Extra $50 payment in regular state unemployment benefits projected to start by Oct. 30, Truist merger job cuts are mounting up with more on the way, State to remain in Phase 3 for three more weeks, The Briefcase: Cook Out affiliate purchases Clemmons restaurant site, Extra $50 unemployment insurance benefit may not arrive until late October, Natty Greene's owners vow to keep Greensboro restaurant open as brewery files for Chapter 7 bankruptcy, K&W Cafeteria officials seek bankruptcy judge's approval to sell assets, Four additional weeks of unemployment insurance benefits in January after jobless rate rises, Bankruptcy judge approves selling Remington assets to seven buyers.
© Copyright 2020, All Rights Reserved, FreightWaves, Inc, Old Dominion report sees an LTL market that is slowing, Podcasts: FreightWaves FreightCasts Network, Saia adds terminal capacity again; Memphis expansion complete, Best transportation companies for female employees named, Forward’s less-than-truckload service added to more terminals, All signs point to a prolonged trucking rally, YRC Q3 update bucks improving industry trends, ArcBest continues trend of positive mid-quarter reports. Supposedly going to be a weekly occurrence until this Covid-19 situation gets under control and freight levels pick back up. Many lease ops are loosing money now and will soon loose their truck. After about seven furlough weeks, enough customer orders resumed by late May for the Lydall plants to slowly bring back workers, said Joseph Abbruzzi, president of Lydall Thermal Acoustical Solutions. Credit Suisse analyst Allison Landry said Old Dominion is “aggressively right-sizing, but won’t overcut.”. many rumors, yet, nothing is happening on the ground. Old Dominion also has not seen any significant pressure to lower rates even though there has been a large drop in freight demand, Satterfield said. K&W Cafeteria Inc. has committed to selling its assets, including its remaining 18 restaurants, and requested that a bankruptcy judge appr…, North Carolinians who are furloughed or become jobless in 2021 will receive an extra four weeks of regular state unemployment benefits because…, A federal bankruptcy court judge approved Tuesday Vista Outdoor Inc.'s $81.4 million offer for the largest portion of Remington Outdoor Co. In…. The trucking company told analysts during a conference call Thursday that “our current number of active employees has decreased approximately 15%, as compared with April 2019.”. Old Dominion has actually had a few layoffs in Indianapolis, one of its major hubs. Do you have any info on layoffs of Drivers at Old Dominion, I heard that few dozen folks might be let go - any truth in this? Fred Smith, your company is on fire! Old Dominion wants to be ready for such a scenario. Old Dominion confirms furloughs in response to COVID-19 effect on customer demand. “The temporary shutdown of our facilities and potentially personal work/life factors in the current environment are elements that may be contributing to some of the labor shortages.”. Locked us out of the building let the office staf work mostly from home. You have permission to edit this article. You can cancel at any time. [Stay on top of transportation news: Get TTNews in your inbox.]. After being idle for about three months, production and distribution facilities began ramping up operations in June, “initially at reduced capacity levels and adjusted in line with demand through the quarter.”. The operators said temporary layoffs began in early March when the brunt of the pandemic began to be felt in the local hospitality sector.
In its statement, FedEx said the furloughed employees would continue to receive health benefits for four months but would still be eligible for expanded state and federal unemployment benefits provided for in the CARES Act. The notices are 92 employees for the Marriott property and 77 for Embassy Suites and Benton. American received $5.8 billion in cash and loans from the PPP. Perhaps foremost on the list is Forsyth County’s largest employer, Wake Forest Baptist Medical Center, with more than 14,200 workers. The company is … Sign up now to get the most recent coronavirus headlines and other important local and national news sent to your email inbox daily. The pandemic had a limited effect on Old Dominion’s first-quarter net income, which was $133.2 million, down just 0.1% from a year ago. Click the "CC" button in the bottom right to activate while programming is live. Satterfield said the company’s department heads are “going through evaluating their costs, and costs don’t save themselves. “This has allowed us to quickly adjust to our new daily shipments counts,” he said. The results include a $10.1 million expense related to special employee bonus payments made in March. “While this helped offset the decline in shipments per day, an increase in average weight per shipment generally has the effect of reducing revenue per hundredweight.”, Satterfield said that “many of our customers, they’re not sure what to expect either, as they began to reopen.”. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. Gantt said that “as the domestic economy changed in the last half of March, so did our mix of business.”, “We experienced a significant increase in our average weight per shipment, and this trend has also continued into April,” he said. Our Story. Culp Inc., Gildan Activewear Inc., (Greensboro) News & Record, Hanesbrands Inc., Hilton Garden Inn, Leggett & Platt, Lydall Inc., Old Salem Museum and Gardens, Raytheon Technologies Corp., Tanger Factory Outlet Centers, Twin City Quarter, Vitro Automotive, Wake Forest Baptist Medical Center, Winston-Salem Journal. Old Dominion is one of the country’s top 10 less-than-truckload carriers. But he acknowledged “we’re down about 1,400 positions overall” now compared with March. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. Still, customers are getting a rate break because the price of diesel fuel has plunged 20%, he said, a result of the global crash in oil pricing.
The rounds of furloughs may ramp up again as some corporations’ employment commitments expire as tied to the federal Paycheck Protection Program initiative. “When we get back to normal and what the new normal means ... we are ready and in place.”. We have made high-quality floors our speciality, and this reputation has earned us recognition as the first choice in hardwoods, engineered hardwoods, and laminate flooring for many of the area's leading home builders. I was reading this and i realy found what i was looking for your article is really informative and i’ll be grɑteful if ʏou keep writing in the future. The WARN notice for the N.C. facilities said 74 employees across the facilities would have their jobs eliminated between Oct. 1 and Oct. 15. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. As a result, we had to reassess our understanding of the circumstances facing the hotel.”, The operators said “it is now reasonably foreseeable that the layoffs will last at least six months. Spokesman Matt Hall said Thursday the number of employees still on furlough is 41 locally and 660 in the U.S. “Workers have been called back continuously as business needs and their work responsibilities returned,” Hall said. Saia said its shipments per workday were up 1.3% in April and LTL tonnage per workday was down 4.7% compared to April 2018. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}, (and market share gains at attractive incremental margins) once they do occur, Temporary extra $50 in state regular unemployment benefit payments begins Saturday, Extra $50 payment in regular state unemployment benefits projected to start by Oct. 30, Truist merger job cuts are mounting up with more on the way, State to remain in Phase 3 for three more weeks, The Briefcase: Cook Out affiliate purchases Clemmons restaurant site, Extra $50 unemployment insurance benefit may not arrive until late October, Natty Greene's owners vow to keep Greensboro restaurant open as brewery files for Chapter 7 bankruptcy, K&W Cafeteria officials seek bankruptcy judge's approval to sell assets, Four additional weeks of unemployment insurance benefits in January after jobless rate rises, Bankruptcy judge approves selling Remington assets to seven buyers. Old Dominion University is also home to over 700 international students from 89 different countries.
I used to work for ODFL in Thomasville, NC. The company is … Instead, the pandemic’s effects on business “are greater than previously were foreseeable. Please subscribe to keep reading. © Copyright 2020, All Rights Reserved, FreightWaves, Inc, FedEx Freight furloughs a ‘small number’ of workers, Podcasts: FreightWaves FreightCasts Network, Best transportation companies for female employees named, Peak season pain looms for FedEx, UPS shippers, FedEx to hike tariff rates, surcharges in January, Daily Infographic: Holiday shipper punctuality, FedEx Freight settles lawsuit by dismissed transgender driver, FedEx Freight expanding cross-border operation in Laredo. The system did not disclose how many furlough days or weeks employees were required to take.
What is the likelihood of Old Dominion Freight Line layoffs in Thomasville in 2016? About two-thirds of Old Dominion’s cost structure is variable, or semi-variable, Chief Financial Officer Adam Satterfield said. Lydall wasn’t alone in the Triad in making a mass furlough decision by early April.
Get up-to-the-minute news sent straight to your device. FedEx lost my $800 + package and along with it client! are presented below the company info. The plants in Hamptonville and Yadkinville were among the first to be closed temporarily (on March 23) in the Triad, a ripple effect of the pandemic on the U.S. automotive industry. On Thursday, Gildan said it had reduced its global workforce by 12.3%, or by 6,000 manufacturing and 380 administrative jobs, during the quarter. Serving the global freight industry with the fastest and most comprehensive news insights and market data on the planet. And headcount at Thomasville?
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