YRC Worldwide's 1Q Loss Declines



Click Here!


 Updated:
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.



Click Here!




© 2010, Transport Topics Publishing Group. All rights reserved.

RELATED ARTICLES

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)
 
OTHER NEWS BRIEFS

Click Here!

JOIN OUR NEWSLETTER
We'll deliver tax strategies to your inbox from our CPA firm.
We hate spam. Your email address will not be sold or shared with anyone else.