YRC Reports Fourth-Quarter Loss
YRC Worldwide Monday reported a fourth-quarter loss of $735.8 million, or $12.99 a share, as it took a charges on writing down its acquisitions.
The loss compares with net income a year earlier of $46.5 million, or 80 cents a share, YRC said in a statement. Revenue fell 2.4% to $2.35 billion.
YRC had said earlier this month that it expected to take a $700 to $800 million charge for the quarter, primarily related to its 2005 acquisition of USF Corp.
That charge was $782 million for goodwill and other assets related to acquisitions, the company said Monday.
Excluding the previously announced writedown and other charges and gains, YRC said it earned 1 cent a share.
For the full year, YRC lost $638.4 million, or $11.17 per share, compared with earning $276.6 million or $4.74 per share, in 2006.
“The economic environment was challenging throughout 2007 and it was increasingly so in the fourth quarter,” said Bill Zollars, YRC’s chairman and chief executive officer.
“We expect the first quarter to also be difficult given it is seasonally the softest and we don’t anticipate the economy improving in the near term,” he said in a statement. “As the largest [LTL] provider, we are well positioned to benefit from economic recovery, when it occurs.”
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
