YRC Reports Loss for 4Q, Year
YRC Worldwide said late Thursday it lost $244 million in the fourth quarter and close to $1 billion last year.
The less-than-truckload carrier said it lost $4.14 a share in the quarter, compared with a loss of $735 million, or $12.99 per share, a year ago. Revenue fell to $1.9 billion from $2.4 billion.
For the full year, YRC lost $974.4 million, of $16.92 a share, compared with a loss of $638.4 million, or $11.17, in 2007. Revenue fell to $8.94 billion, from $9.62 billion.
“Our results reflect the significance of the economic recession that has been longer and deeper than anyone anticipated,” Chairman and Chief Executive Officer Bill Zollars said in a statement.
“Although we were not pleased with this level of performance, it was consistent with our internal expectations and those of our banking group. The discussions with the banks are progressing well, and we are on track to finalize an amendment by mid- February,” he said.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
