YRC Trims Its 3Q Loss

YRC Worldwide said Friday it lost $158.7 million, or $2.67 a share, in the third quarter, compared with a loss of $720.9 million, or $12.58, a year ago.

Its operating loss was $117.9 million, compared with $756.6 million operating loss in last year’s third quarter.

Revenue fell 45% to $1.3 billion, from $2.4 billion a year ago, the less-than-truckload carrier said in a statement.

The company’s YRC Regional Transportation and YRC Logistics units were profitable for the quarter, Chairman and Chief Executive Officer Bill Zollars said in a statement.

“We gained significant momentum in the third quarter as we executed on our comprehensive plan to improve operating efficiencies, restore financial strength and position our company for future success,” Zollars said in a statement.

Earlier this year, the company won two separate wage concessions from the Teamsters union that would total 15%, in exchange for a potential stake in the company.

The most recent was a September vote by its New Penn Motor Express Teamsters, who approved the reduction in September.

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