YRC Worldwide, Overland Park, Kan., reported second-quarter net earnings of $36.3 million, down from a profit of $55.4 million a year earlier.
Revenue fell to $2.4 billion from $2.5 billion last year.
The company announced diluted earnings per share of $.62 for the second quarter 2008, including a previously announced curtailment gain of $.39 per share and charge of $.09 per share for significant claim activity. The quarter also included a combined $.07 per share of losses on property disposals and reorganization charges. In the second quarter of 2007, the company reported $.95 of earnings per share.
"In spite of a challenging economy, our positive momentum continued in the quarter and we significantly improved our sequential results, delivering earnings consistent with previously issued guidance for the quarter," said Bill Zollars, chairman, president and CEO of YRC Worldwide. "Our actions to improve operational efficiency, get our regional companies back on track and reduce overhead costs have been effective. We are carrying that momentum forward as we implement further operational improvements in the third quarter."
YRC National Transportation LTL revenue per hundredweight was up 8.2% from second quarter 2007 and LTL tonnage per day was down 9.9%; revenue of $1.7 billion, consistent with 2007.
YRC Regional Transportation LTL revenue per hundredweight was up 6.1% compared to last year and LTL tonnage per day was down 17.6%. Revenue of $533 million was down 11.7% from 2007
The company expects to earn between $1.05 and $1.15 per share in the third quarter 2008. These results will include a curtailment gain of approximately $.70 per share and increased union health and pension costs of approximately $.15 per share attributable to contractual increases that take effect on August 1. The company expects to offset these cost increases with operational efficiencies by year end 2008. The curtailment gains that were recognized in the second quarter and will be recognized in the third quarter of 2008 are related to the harmonization of retirement plans across the company for non-contractual employees.
"We are encouraged by our progress and are optimistic about continued improvement in our performance," Zollars said.
Revenue fell to $2.4 billion from $2.5 billion last year.
The company announced diluted earnings per share of $.62 for the second quarter 2008, including a previously announced curtailment gain of $.39 per share and charge of $.09 per share for significant claim activity. The quarter also included a combined $.07 per share of losses on property disposals and reorganization charges. In the second quarter of 2007, the company reported $.95 of earnings per share.
"In spite of a challenging economy, our positive momentum continued in the quarter and we significantly improved our sequential results, delivering earnings consistent with previously issued guidance for the quarter," said Bill Zollars, chairman, president and CEO of YRC Worldwide. "Our actions to improve operational efficiency, get our regional companies back on track and reduce overhead costs have been effective. We are carrying that momentum forward as we implement further operational improvements in the third quarter."
YRC National Transportation LTL revenue per hundredweight was up 8.2% from second quarter 2007 and LTL tonnage per day was down 9.9%; revenue of $1.7 billion, consistent with 2007.
YRC Regional Transportation LTL revenue per hundredweight was up 6.1% compared to last year and LTL tonnage per day was down 17.6%. Revenue of $533 million was down 11.7% from 2007
The company expects to earn between $1.05 and $1.15 per share in the third quarter 2008. These results will include a curtailment gain of approximately $.70 per share and increased union health and pension costs of approximately $.15 per share attributable to contractual increases that take effect on August 1. The company expects to offset these cost increases with operational efficiencies by year end 2008. The curtailment gains that were recognized in the second quarter and will be recognized in the third quarter of 2008 are related to the harmonization of retirement plans across the company for non-contractual employees.
"We are encouraged by our progress and are optimistic about continued improvement in our performance," Zollars said.
media brand
0 Comments
See all comments