YRC Reports $257 Million First-Quarter Loss
YRC Worldwide said late Thursday it lost $257 million, or $4.34 per share, in the first quarter, compared with a loss of $46.4 million, or 82 cents, a year ago.
Revenue fell to $1.5 billion, from $2.2 billion, the less-than-truckload carrier said in a statement.
YRC said its first-quarter tonnage was down about 29% from a year ago, matching a preliminary forecast it released earlier this month.
The company took a series of charges for the quarter totaling $164 million, including integration, pension and severance costs.
“We have integrated our national networks, fundamentally reduced our infrastructure, and lowered our breakeven point, while enhancing service,” said Bill Zollars, YRC’s chairman and chief executive officer.
“We remain on track to remove a run-rate of over $600 million of costs that should position us well when the economy improves,” he said in a statement.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
