Yellow Corp reports Q4 ex-items EPS 20c, consensus (7c)

Reports Q4 revenue $1.2B, consensus $1.24B. "In the fourth quarter, demand for LTL capacity decreased compared to the tight environment a year ago contributing to the decline in tonnage per workday," said Darren Hawkins, chief executive officer. "The manufacturing sector’s strength began to waver, similar to the retail sector earlier in the year, pointing to a loss of economic momentum. In response, during the quarter we adjusted our workforce to align with the muted volume and we continued to closely manage the use of purchased transportation and other expenditures. Despite the near-term headwinds, the yield environment remains stable. We have stayed consistent with our strategy of improving the yield on the freight moving through Yellow’s network and for full year 2022, we reported the best operating income and operating ratio in 16 years.