YRC Reports 3Q Loss; Names CFO
YRC Worldwide Friday reported a wider third-quarter loss and upgraded its interim chief financial officer to be its permanent CFO.
YRC lost $177.9 million, or 51 cents per share, compared with a loss of $61.7 million, or $1.33, a year ago.
The loss including $58 million for costs related to preferred stock conversion, the less-than-truckload carrier said.
Revenue rose 12.3% to $1.3 billion, and its operating loss widened to $23.7 million, from $18.8 million a year ago.
Separately, YRC late Thursday named Jamie Pierson its CFO. Pierson, 42, had been serving as interim CFO since August.
Pierson has served in a variety of financial and trucking and transportation positions, including with Greatwide Logistics Services.
YRC National Transportation’s operating revenue rose 11.5% to $841.6 million, with tons per day up 4.2%, shipments up 5.5%, revenue per hundredweight up 7.5% and revenue per shipment up 6.2%.
YRC Regional Transportation’s operating revenue rose 14.3% to $404.8 million, with tons per day up 5.6%, shipments up 3.6%, revenue per hundredweight up 8.2% and revenue per shipment up 10.4%.
CEO James Welch cited YRC’s recent change in management with unit trucking executives Jeff Rogers and Mike Naatz, who were appointed in September.
“We are pleased with the continued year-over-year growth in business volumes as we seek to change the culture of the company and transition to new leadership,” Welch said in a statement.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
