YRC Worldwide Reduces Second-Quarter Loss
YRC Worldwide Inc. narrowed its second-quarter loss to $4.9 million, or 16 cents per share, from $15.1 million, or $1.72 per share, and raised revenue 6% to $1.32 billion.
Profit before interest and taxes slipped by $2 million to $23.2 million at the Regional unit, while the national unit YRC Freight reduced its loss on that basis to $300,000, from $8.5 million in the year-earlier period.
CEO James Welch attributed the improved performance at YRC Freight to a stronger economy and “renewed shipper confidence due to the successful completion of our refinancing.”
The regional business also was helped by an improved U.S. economy, as well as tight capacity in some markets, he added.
National unit YRC Freight raised revenue 5.6% to $842.1 million, and regional’s revenue increased 6.9%.
YRC, Overland Park, Kansas, said injury and cargo claims costs increased a total of $14.8 million, dampening the improvement in overall performance, as did higher purchased transportation costs.
YRC is No. 5 on Transport Topics Top 100 For-Hire Carriers in the U.S. and Canada.
