YRC Worldwide posts loss but operations break 6-year losing streak
02/08/2013 8:43 AM
05/16/2014 9:05 PM
YRC Worldwide Inc. said Friday morning it lost money in the fourth quarter but that its trucking operations made money for all of 2012, which they had not done in six years. The net loss of $35.3 million, or $4.53 a share, in the quarter was lower than YRC’s $84.2 million loss, equal to $12.40 a share, a year earlier. It included YRC’s interest costs and other charges not tied to operating its national and regional truck lines. Operations earned $30 million in the fourth quarter, including $9 million in gains from selling assets, the Overland Park-based company said. Operations earned $24.1 million for the year, though the company posted a net loss of $140.4 million after covering its interest expenses and other costs. Its net loss in 2011 had been $351.3 million. Management hailed the results in the company’s morning announcement and noted that it comes after YRC’s financial restructuring in mid-2011 that allowed it to avoid bankruptcy. “Our year-over-year operating improvement is primarily due to our focus on customer mix management, pricing discipline, productivity improvements, and a decrease in safety related costs,” chief executive officer James Welch said in the announcement. “In just 18 months after a complete restructuring of the senior leadership team, the company posted positive consolidated operating income for the first time in six years and exceeded our forecast for the year. Obviously, 2012 was a year of significant progress for the organization.” Revenues in the fourth quarter were $1.17 billion, down from $1.21 billion a year earlier. For all of 2012, revenues were $4.85 billion compared with $4.87 billion in 2011.