Monday, May 08, 2017

YRC Worldwide Reports First Quarter 2017 Results

YRC Worldwide Inc. reported consolidated operating revenue for first quarter 2017 of $1.171 billion and a consolidated operating loss of $3.0 million, which included a $2.7 million loss on property disposals. As a comparison, for the first quarter 2016, the Company reported consolidated operating revenue of $1.120 billion and consolidated operating income of $13.4 million, which included a $0.3 million gain on property disposals.

"Our Regional carriers' first quarter 2017 results were generally in line with a year ago, including an increase in year-over-year tonnage per day," said James Welch, chief executive officer at YRC Worldwide. "YRC Freight's results in the first quarter were unfavorably impacted by a year-over-year decrease in revenue per hundredweight, excluding fuel surcharge, that more than offset increases in tonnage per day and weight per shipment. We expect the improvement in year-over-year tonnage per day to help us execute our strategy of pricing for profitability and moving shipments through YRC Freight, Holland, Reddaway and New Penn's networks that have favorable freight characteristics. We believe the pricing environment remains stable in the less-than-truckload sector. Our goal in 2017 is to exceed our 2016 Adjusted EBITDA results while meeting our customers' needs," stated Welch.

"We continuously evaluate opportunities to drive improvements in operational efficiencies and financial results, including tightly managing our cost structure. During the first quarter we implemented a plan to reduce costs and de-layer our management and other non-union workforce. Headcount reduction is the most significant source of savings while other changes included increasing collaboration across our companies and reducing the utilization of external professional services," concluded Welch.

Full report here..................

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