YRC’s 2Q Loss Declines; Company Completes Network Optimization Plan
YRC Worldwide said Wednesday its second-quarter net loss declined from a year ago, and the company posted adjusted earnings of $74.7 million as it completed its network optimization plan.
YRC’s net loss was $13 million, or $1.72 per share, compared with a net loss of $22.1 million, or $3.21, a year ago.
Revenue dipped to $1.24 billion from $1.25 billion a year ago, the less-than-truckload carrier said in a statement.
Adjusted earnings before interest, taxes, depreciation and amortization rose to $74.7 million from $70.1 million a year ago.
Its YRC Freight Unit reported an $8.5 million operating loss — compared with a $5.1 million operating loss a year ago — that was offset by a 10% higher operating profit of $25.2 million at its YRC Regional Transportation business.
YRC recorded a $6.3 million charge for its network optimization plan, in which it closed 29 terminals in a consolidation effort to save $25 million to $30 million in labor costs.
YRC Worldwide is ranked No. 5 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
