Overnite Revenues Up Despite Strike
Overnite Transportation Co. reported that revenue increased by 6.4% in the first quarter of 2000, and earnings — although down sharply from a year ago — have recovered from a $13.7 million operating loss in the final quarter of 1999.
The company has been battling a Teamsters strike at some of its terminal facilities since October and incurred $21 million in extraordinary expenses to maintain service levels and provide extra security in 1999. Those expenses dropped to about $8.6 million for the quarter that ended March 31, and are expected to decline further in the months ahead, said Ira Rosenfeld, director of corporate communications at the carrier based in Richmond, Va.
Overnite Chairman Leo Suggs said the company is profitable and growing despite the Teamsters protests.
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Contract talks between the two sides are set to resume April 26 in Chicago.
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