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 unitâ€™s tonnage per day rose by 7.9% in the quarter, while its YRC Regional Transportation divisionâ€™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.
â€œWith 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,â€� 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 Worldwideâ€™s 1Q Loss Declines (5/6/2011 2:15:00 PM)
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