YRC Reports First-Quarter Loss
YRC Worldwide Tuesday reported a first-quarter loss of $274.2 million, or 53 cents a share, compared with a loss of $273.8 million, or $4.61 per share, a year ago.
Revenue fell to $1.06 billion, from $1.5 billion a year ago, the less-than-truckload carrier said in a statement.
The per-share loss fell because YRC issued more shares of stock as part of a debt-for-equity swap. (Click here for previous coverage.) It had about 521,000 shares at the end of the quarter, compared with about 59,000 a year ago.
The company said last month it expects to have positive earnings before interest and taxes staring in the second quarter. (Click here for previous coverage.)
YRC National Transportation’s operating loss was reduced to $185.1 million, from a $299.8 million loss. Operating revenue fell 35.2% to $663 million.
YRC Regional Transportation’s operating loss was $39.6 million, compared with a $74.1 million loss a year ago. Operating revenue slipped 13% to $309 million.
YRC Logistics’ operating loss widened to $7.4 million, from $3.4 million a year ago. Operating revenue fell 32.1% to $76.1 million.
YRC Truckload’s operating loss widened to $3.1 million, from $2.2 million. Operating revenue improved 3.5% to $26.9 million.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
