NEW YORK, N.Y. — Yellow Corp., which announced earlier this month its plans to buy rival Roadway Corp. for $1.1 billion, has reported second quarter income that is nearly three times that of the same period last year.
The Kansas-based trucking company reported net income in the second quarter of $18.36 million, or 62 cents a share, compared with $6.22 million, or 22 cents a share, a year earlier.
In the second quarter of 2003, profits included a pretax benefit of $3.7 million, or 8 cents a share, from the completion of an insurance settlement. The company said its operating revenue for the second quarter was $713 million, compared with $646 million in the second quarter of 2002.
Bill Zollars, Yellow Corp.’s chairman, president and chief executive officer, attributed the impressive revenue gains for Yellow and Meridian IQ, its Web-based transportation management provider, to increased business volumes and effective yield management.
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