YRC Worldwide Net Income Hits $26 Million

YRC Worldwide Inc. reversed a year-earlier period loss and posted second-quarter net income of $26 million, or 80 cents per share, helped by improving rates and declining injury-related costs.

Revenue fell 4% in the quarter to $1.26 billion. In the second quarter of last year, the loss was $4.9 million, or 16 cents per share. Injury-related costs fell by $14.5 million.

The YRC Freight National unit raised revenue per 100 pounds of freight by 0.6%, including fuel surcharge, and boosted revenue per shipment by 3.8% on that basis. The operating ratio was 97.2, an improvement of 2.8 percentage points. Revenue declined 5.6% to $795.2 million.

At YRC’s Regional unit, the operating ratio fell even faster, improving to 91.9. Its revenue was off 2.6% to $463.2 million. Revenue per shipment at Regional was up 1.2%, also including fuel surcharge, and revenue per 100 pounds of freight rose 0.2% on that basis.

“During the second quarter of this year, we continued to see success in executing our freight mix and yield improvement strategy," said James Welch, CEO of YRC Worldwide, "and equally important, improving our safety performance, which in turn increased our operating income by $36.9 million to $56.9 million.”