YRC Worldwide Narrows Second Quarter Loss
August 07, 2013
The parent to several trucking companies, YRC Worldwide, lost money in the second quarter of the year, but not as much when compared to the same time a year ago.
Photo: Evan Lockridge
The loss totaled $15.1 million versus one of $22.6 million in the second quarter of last year, while revenue slid a little from $1.25 billion a year ago to $1.242.5 billion in the most recent period.
For the first six months of the year, it narrowed its loss to $39.6 million from $104.2 million during the first six months of 2012, while revenue dropped during the same periods to $2.405 billion, compared to $2.445 billion.
"While the regionals continue to excel in their markets, YRC Freight faced some headwinds during the implementation of the network optimization plan,” said YRC Worldwide CEO James Welch. “We recorded a one-time charge of $6.3 million related to the network optimization, which is a small investment in what we anticipate will be approximately $25 to $30 million in annual savings."
YRC Freight saw its second quarter revenue decline by nearly 3% to $797.6 million while the combined revenue of YRC Worldwide’s regional carriers increased 3.5% to $3.449 million.
More details are on the YRC Worldwide website.