YRC Posts Positive Annual Operating Income
YRC Worldwide said its fourth-quarter and full-year losses narrowed from a year ago, and the company reported its first full-year positive operating income in six years.
Fourth-quarter operating income was $30 million, reversing a loss of $38.2 million in that period in 2011. Operating income excludes interest and taxes.
YRC’s full-year operating income was $24.1 million, compared with a $138.2 million loss in 2011. Revenue for the year was flat at almost $4.9 billion.
Its fourth-quarter net loss was $35.3 million, or 4.53 per share, compared with a loss of $84.2 million, or $12.40, a year ago. Revenue slipped to $1.17 billon from $1.21 billion.
For the year, the company lost $140.4 million, compared with a loss of $409 million a year ago.
Its YRC Freight Unit had a fourth-quarter operating income of $21.1 million, turning around a loss of $26.7 million a year earlier. The unit’s full-year loss narrowed to $37.3 million from $88.5 million.
YRC Regional Transportation posted quarterly operating income of $8.4 million, up from $6.9 million a year ago, and annual operating income of $70 million, more than double the previous year’s $32.9 million.
“Our year-over-year operating improvement is primarily due to our focus on customer mix management, pricing discipline, productivity improvements and a decrease in safety-related costs,” said CEO James Welch.
“We eliminated all distractions that have been keeping this company from focusing on what we do best,” he said in a statement.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
© 2013, Transport Topics Publishing Group. All rights reserved.