Consolidated operating revenue for the first quarter ending March 31, 2013 was $1.162 billion, 2.7% lower than the $1.194 billion reported in the first quarter of 2012, but consolidated operating income increased from a loss of $48.8 million to income of $9.9 million, or a $58.7 million increase. Operating income in 2013 included a $4.5 million gain on asset disposals and in 2012 included an $8.3M loss. This is the first time in six years that the company reported consolidated positive first quarter operating income.
The company reported, on a non-GAAP basis, adjusted EBITDA for the first quarter of 2013 of $60.7 million, a $45.4 million improvement over the $15.3 million adjusted EBITDA reported for the first quarter of 2012 (as detailed in the reconciliation below). Due to seasonality, the first quarter is typically the low point of the year for adjusted EBITDA contribution.
"Despite more difficult winter weather conditions in the first quarter of 2013 as compared to an unusually mild winter in 2012, our year-over-year operating results continue to improve," stated James Welch, chief executive officer of YRC Worldwide. "As we have said previously, 2013 is a year of performance, and to that end, the year-over-year 500 basis point improvement in our operating ratio from 104.1 in 2012 to 99.1 in 2013 is evidence of such performance. These results are due to a rational pricing environment for both YRC Freight and the Regional segment, and the productivity improvements along with the customer mix management effort at YRC Freight specifically. We still have significant opportunity for further improvements, and as we move throughout 2013, we will continue to focus on providing premium services to both the regional and long-haul segments of the LTL market and growing the business, all while providing our customers the high-quality service they deserve," said Welch.
"Additionally, the safety initiatives we started in late 2011 have continued to provide positive results and we've seen a cultural shift throughout the organization. Employees understand that being safe is good for our business and allows us to save money and redirect those funds toward investments in new equipment and technology. Our overall workers' compensation claims experience continues to decline as we focus efforts on settling more claims than are filed," stated Welch. Full Report Here.......
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