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YRC Worldwide's 1Q Loss Declines

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5/6/2011 2:15:00 PM

Tonnage Increases at LTL Units

YRC Worldwide Friday reported a first-quarter loss of $102 million, or $2.14 per share, compared with a loss of $274 million, or $13.15 per share, a year ago.

Revenue rose to $1.1 billion, from $987 million a year ago, the less-than-truckload carrier said in a statement.

Its YRC National Transportation unit’s tonnage per day rose by 7.9% in the quarter, while its YRC Regional Transportation division’s tonnage per day rose 16.2% from a year ago.


Revenue per shipment for the National and Regional units rose 3.3% and 7.7%, respectively, year-over-year.

“With the operating momentum we achieved exiting the first quarter, which continued into April, we expect to achieve positive adjusted [earnings before interest, taxes, depreciation and amortization] in the second quarter,� interim Chief Financial Officer Bill Trubeck said in a statement.

The loss was impacted by extreme winter weather and included $8 million in restructuring fees and a $17 million charge related to workers’ compensation claims, YRC said.

YRC said it has hired Morgan Stanley to arrange a $400 million asset-based loan as part of its overall restructuring.

The company said last Friday that its lenders would receive 72.5% of its stock in exchange for a $100 million cash infusion.

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

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YRC Worldwide’s 1Q Loss Declines (5/6/2011 2:15:00 PM)
YRC Reaches New Agreement on Restructuring (5/2/2011 12:00:00 PM)
Arkansas Best’s 1Q Loss Narrows (4/25/2011 10:40:00 AM)
Truckers Face Additional Driving Challenges During Hectic Summertime Traffic Season (4/25/2011 8:00:00 AM)
Rising Freight Volumes, Rates to Buoy First-Quarter Earnings (4/11/2011 6:00:00 AM)
Gaines Appointed CFO of YRC Inc. (4/4/2011 9:30:00 AM)

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