YRC Reports Third-Quarter Profit
YRC Worldwide Inc. reported a third-quarter net income of $1.2 million, from a loss of $44.4 million, and revenue increased 5.6% to $1.32 billion.
The Overland Park, Kansas-based company said third-quarter net loss per share was 3 cents, after a loss of $4.45 per share from the same period last year.
“As we move forward, we will focus on technology investments that we believe will optimize our network freight flow and provide favorable yield improvement opportunities. Executing on our strategy of improving price and managing our freight mix to ensure that we have the right freight at the right price will continue to be a priority,” James Welch, YRC’s CEO, said in a statement.
Profit before interest and taxes increased by $19.7 million to $81.6 million. Revenue at subsidiary YRC Freight increased 4.2% to $843 million, and revenue at its regional transportation segment rose 8% to $479.6 million.
“During the quarter, the regional operating companies focused on pricing improvements to manage capacity and reduce short-term revenue equipment rentals,” Welch said. “This strategy decelerated tonnage growth throughout the third quarter but increased profitability. Improving pricing while balancing capacity will continue to be the focus for the regional segment moving forward.”
YRC ranks No. 5 on the Transport Topics Top 100 list of for-hire carriers in the United States and Canada.
