YRC Worldwide narrows 4Q loss to $244.4 million

YRC's total operating expenses shrank to $2.26 billion from $3.13 billion, as YRC trimmed salaries and other charges.

The Associated Press

1/30/2009

NEW YORK — Trucking company YRC Worldwide Inc. narrowed its fourth-quarter loss despite declining revenue, as operating expenses shrank.

YRC posted a loss of $244.4 million or $4.14 per share compared with a loss of $735.8 million or $12.99 in the year-ago period.

Excluding one-time charges, YRC would have lost $1.63 per share. Analysts surveyed by Thomson Reuters, who usually exclude one-time charges, expected a loss of 66 cents per share on revenue of $2.04 billion.

YRC's fourth-quarter revenue totaled $1.93 billion, compared with $2.39 billion in the same quarter of 2007.

The company's total operating expenses shrank to $2.26 billion from $3.13 billion, as YRC trimmed salaries and other charges. YRC incurred a $141 million charge in the quarter related to the Roadway trade name as the company introduced a new YRC brand for its integrated Yellow Transportation and Roadway network.

YRC's national tonnage per day fell 14.6 percent, while adjusted regional tonnage declined 14 percent.

For all of 2008, YRC posted a loss of $974.4 million, or $16.92 per share, versus a loss of $638.4 million, or $11.17 per share, in 2007.

Kevin Jones of The Trucker staff can be reached for comment at kevinj@thetrucker.com.