YRC’s First-Quarter Freight Falls 29%

Less-than-truckload carrier YRC Worldwide said its first-quarter freight volume fell 29% in the first quarter from a year ago because of the weak economy and its cost-cutting initiatives, Bloomberg reported Tuesday.

The figures were in a presentation for delivery by Chief Financial Officer Timothy Wicks at an analyst meeting, and the presentation was filed with the Securities and Exchange Commission, Bloomberg said.

The carrier expects to take charges of $161 million to $185 million in the first quarter, Bloomberg said, citing the presentation. The company will report its results on April 23.

YRC’s stock fell $1.45, or 27%, to $4 per share at 2 p.m. on the Nasdaq Stock Market its biggest intraday decline since Oct. 7, Bloomberg reported.

YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.