YRC Reports Fourth-Quarter Loss
YRC Worldwide reported a fourth-quarter net loss of $86.2 million, or $12.40 a share, compared with a profit of $15.4 million that was aided by an income tax refund in the year-earlier period.
On an operating basis, YRC’s quarterly net loss widened to $38.1 million, from $27.9 million, the less-than-truckload carrier said Tuesday.
The 2010 per share earnings were $99.71, reflecting the effect of a reverse stock split during 2011 that reduced the number of shares outstanding.
For the full year, the operating loss narrowed to $138.2 million from $227.8 million, while the net loss widened to $354.4 million from $327.8 million.
Quarterly revenue rose to $1.2 billion, from $1.1 billion. Full-year revenue rose to $4.9 billion, from $4.3 billion.
Its YRC Freight unit — formerly YRC National Transportation — saw its fourth-quarter operating revenues rise 11% to $805 million, with tons per day up 6.7%, shipments per day up 6%, revenue per hundredweight up 4.8% and revenue per shipment up 5.5%.
Its regional transportation unit’s fourth-quarter operating revenue rose 12.6% to $382 million, with tons per day up 4.7%, shipments per day up 2.5%, revenue per hundredweight up 5.7% and revenue per shipment up 7.9%.
"Our plans to streamline and simplify the YRC Freight network during 2012 are designed to enable fewer touches of the freight, expedite delivery to our customers, reduce costs by network optimization, and allow YRC Freight to return to its core competency of handling LTL shipments moving in the 2-day to 5-day transit lanes which are generally between 500 and 3,500 miles,” CEO James Welch said in a statement.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
