YRC’s Third-Quarter Income Declines
Less-than-truckload carrier YRC Worldwide said late Thursday its third-quarter net income declined to $40.7 million or 70 cents a share, from $95.8 million or $1.64 per share last year.
Operating revenue fell to $2.46 billion, from $2.57 billion a year ago, YRC said in a statement. Operating income declined to $87.7 million from $177.6 million.
The company also said it named Mike Smid to head its North American transportation unit operations.
“The weak domestic shipping market continues to significantly impact the operating performance of all our companies,” said Bill Zollars, YRC’s chairman and chief executive officer.
“YRC Regional Transportation faced additional challenges from consumer mix and integration issues, and as a result, performed well below expectations. We are taking appropriate actions to address these performance issues,” he said in a statement.
YRC said it named Keith Lovetro to be the president of YRT, effective immediately and reporting to Smid. Lovetro replaces Jim Staley, who will retire effective Dec. 31 after 37 years in the industry.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
