YRC Worldwide's continued improvement driven by regional trucking
YRC Worldwide Inc., the Kansas-based trucking conglomerate, continues to improve its quarterly and annual performances driven largely by its restructuring and regional trucking companies, such as Lebanon-based New Penn Motor Express Inc.
The company’s regional transportation division posted fourth-quarter operating revenue of $391 million, a 2.5 percent gain from a year ago, while the segment’s operating income was $70 million, YRC said today.
For all of 2012, the regional trucking companies posted operating revenue of $1.6 billion, or 5.6 percent more than a year ago, with revenue per shipment growing by 4.2 percent, it said.
YRC’s operating income was $30 million in the fourth quarter and $24 million for the year, both substantial turnarounds from losses a year ago.
However, the company is dealing with large debt issues. Its interest expenses alone were $39 million for the quarter and nearly $151 million for the year, giving YRC a net quarterly loss of $35 million and an annual loss of nearly $137 million. Still, those losses were cut by 59 percent and 61 percent, respectively.
YRC spent the last several years restructuring its debt and labor agreements, as well as bringing in a new management team in 2012.
The company’s quarterly loss per share was $4.53, while analysts had estimated a loss of $2.82, according to Yahoo Finance.