Saturday, January 20, 2018

YRC Worldwide reports $95.4M operating loss in 4Q


Friday, February 5, 2010
by SAMANTHA BOMKAMP

YRC said it sees “good momentum” in its business so far this year. Trucking companies tend to be key indicators of the health of the broader economy because they carry so many everyday goods, from refrigerators to TVs.
YRC said it sees “good momentum” in its business so far this year. Trucking companies tend to be key indicators of the health of the broader economy because they carry so many everyday goods, from refrigerators to TVs.

NEW YORK — YRC Worldwide, one of the country’s largest trucking companies, said Friday the weak economy and internal financial struggles gave it an operating loss in the fourth-quarter.

The company reported an operating loss of $95.4 million, compared with a year-ago operating loss of $335.3 million.

YRC, based in Overland Park, Kan., did not provide net income or per-share figures, saying it was still working on its income-tax provision.

Revenue plunged to $1.15 billion from $1.93 billion a year earlier. Analysts polled by Thomson Reuters predicted sales of $1.22 billion.

Average shipments per day fell 40 percent in the company’s national freight segment, the core of its business.

Some analysts thought YRC was within days of running out of cash in December. It was spared a bankruptcy protection filing by a successful debt-for-equity swap, which virtually wiped out shareholders to satisfy creditors.

YRC was pummeled last year by the combination of the sluggish economy and a slow integration of two of its businesses that sent customers to other companies. It cut thousands of jobs, reduced pay for remaining employees and sold real estate to raise cash.

YRC said it sees “good momentum” in its business so far this year. Trucking companies tend to be key indicators of the health of the broader economy because they carry so many everyday goods, from refrigerators to TVs.

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

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