YRC Worldwide reconfirmed Monday that its second quarter adjusted earnings before interest, taxes, depreciation and amortization would be positive, within a range of $35 million to $45 million, as second-quarter tonnage improved.
Tonnage per day at YRC National was 27,000 for the quarter, while at YRC Regional it was 26,900 — 11% and 15.2% higher, respectively, than comparable first-quarter figures, the company said in a statement.
The EBITDA figure excludes YRC’s logistics segment, which will be reported as discontinued operations. When including that adjusted loss of $9 million to $11 million, YRC expects its second-quarter adjusted EBITDA to be $24 million to $36 million — exceeding the $5 million covenant level required by its credit agreement.
By comparison, YRC’s adjusted EBITDA for the first quarter was a loss of $53 million. YRC said in mid-June that it was on track for positive adjusted earnings in the second quarter. (Click here for previous story.)
Late last month, YRC agreed to sell a majority interest in its logistics business to private equity firm Austin Ventures for $37 million. The June 25 announcement said the current management of YRC Logistics will remain in place at a new company, with the seller remaining as an equity investor in the business. (Click here for previous story.)
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
