YRC’s 1Q Income Declines

Less-than-truckload carrier YRC Worldwide said late Thursday its first-quarter income was $1.3 million or 2 cents a share, down from $42.1 million or 71 cents a year earlier.

This year’s quarter included charges related to property losses and the previously announced combination of units USF Bestway and USF Reddaway, YRC said.

Operating revenue for the quarter dipped to $2.3 billion from $2.4 billion a year ago. Operating income fell to $20.4 million from $87.8 million.

“Our results were impacted by a weaker economy and extremely difficult operating conditions during the first quarter,” stated Bill Zollars, YRC’s chairman and chief executive officer.

“The economy grew more slowly than anticipated in the first quarter and the general consensus of economists appears to be pushing out an improving economy by one quarter which will continue to impact us as we move through 2007,” he said in a statement.

YRC Worldwide is ranked No. 3 on the 2006 Transport Topics 100 listing of North American for-hire carriers.