YRC Worldwide posted fourth-quarter 2018 net income of $21.8 million or 66 cents a share, a significant improvement compared with the year-ago period, when it lost $7.5 million and had a loss per share of 23 cents.
The Overland Park, Kan.-based company also said fourth-quarter operating revenue reached nearly $1.25 billion, compared with $1.2 billion in 2017.
For the year, YRC had operating revenue of nearly $5.1 billion, compared with $4.9 billion in 2017.
The company’s full-year annual net income was $24.5 million, or 74 cents a share. In 2017, YRC posted a $10.8 million loss and had a loss per share of 33 cents.
The fourth-quarter operating ratio improved to 95.2 from 98.2 in 2017. Operating ratio is a company’s expenses as a percentage of its revenue and is used to determine efficiency. The lower the ratio, the greater the company’s ability to generate a profit.
“Pricing discipline and favorable economic trends remained strong in the fourth quarter, resulting in year-over-year growth in operating revenue, operating income, revenue per hundredweight and revenue per shipment,” CEO Darren Hawkins said. “Our results in the fourth quarter and over the course of 2018 demonstrate successful execution against a plan focused on yield achievement, capital investment or our revenue equipment and the reduction of short-term rental costs and expensive local purchased equipment.”
YRC Worldwide ranks No. 6 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.